Weaker technical forecast for Apple as stock downgraded to Hold/Accumulate.StockInvest.us, 5 months ago
The Apple stock price gained 1.35% on the last trading day (Monday, 16th Aug 2021), rising from $149.10 to $151.12. , and has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 3.22% from a day low at $146.47 to a day high of $151.19. The price has risen in 6 of the last 10 days and is up by 3.85% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 42 million more shares were traded than the day before. In total, 101 million shares were bought and sold for approximately $15.27 billion.
On August 12, 2021 "JPMorgan Chase & Co." gave "$175.00" rating for AAPL. The price target was set to $149.00+2.2%.
The stock has broken the strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $151.86. A reaction back to this level may hold a second chance to get out before further falls.
The Apple stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $147.54 and $145.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, July 19, 2021, and so far it has risen 6.09%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
Apple finds support from accumulated volume at $149.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $4.72 between high and low, or 3.22%. For the last week the stock has had a daily average volatility of 1.74%.
Apple holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full Apple forecast and analysis here.