Weaker technical forecast for Apple as stock downgraded to Hold/Accumulate.StockInvest.us, 1 month ago
The Apple stock price fell by -1.51% on the last day (Friday, 19th Aug 2022) from $174.15 to $171.52. and has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.42% from a day low at $171.31 to a day high of $173.74. The price has been going up and down for this period, and there has been a 3.73% gain for the last 2 weeks. Volume has increased on the last day by 13 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 70 million shares were bought and sold for approximately $12.01 billion.
Keybanc is very positive about AAPL and gave it a "$177.00 - $185.00" rating on Aug 19, 2022. The price target was changed from 177 to 185.Over the last 90 days, this security got 6 buy, 10 sell, and 0 hold ratings.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $175.64 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 23.81% during the next 3 months and, with a 90% probability hold a price between $190.71 and $217.46 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 $172.43. On a fall, the stock will find some support from the long-term average at approximately $157.67. 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. 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 Wednesday, August 17, 2022, and so far it has fallen -1.74%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
On the downside, the stock finds support just below today's level from accumulated volume at $148.71 and $141.66.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Apple finds support just below today's level at $148.71. If this is broken, then the next support from accumulated volume will be at $141.66 and $137.59.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.43 between high and low, or 1.42%. For the last week, the stock has had a daily average volatility of 1.38%.
Apple holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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.