Weaker technical forecast for Apple as stock downgraded to Hold/Accumulate.StockInvest.us, 1 month ago
The Apple stock price fell by -2.55% on the last day (Wednesday, 18th Aug 2021) from $150.19 to $146.36. and has now fallen 3 days in a row. During the day the stock fluctuated 3.13% from a day low at $146.15 to a day high of $150.72. The price has been going up and down for this period, and there has been a -0.4% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -7 million shares and in total, 85 million shares were bought and sold for approximately $12.37 billion.
On August 12, 2021 "JPMorgan Chase & Co." gave "$175.00" rating for AAPL. The price target was set to $149.00+2.2%.
Given the current short-term trend, the stock is expected to rise 23.7% during the next 3 months and, with a 90% probability hold a price between $181.05 and $189.63 at the end of this 3-month period.
The Apple stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $148.16. On a fall, the stock will find some support from the long-term average at approximately $145.75. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, August 16, 2021, and so far it has fallen -3.15%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Apple finds support from accumulated volume at $145.86 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 $4.57 between high and low, or 3.13%. For the last week the stock has had a daily average volatility of 2.22%.
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.