Weaker technical forecast for Apple as stock downgraded to Sell Candidate.StockInvest.us, 1 month ago
The Apple stock price gained 0.75% on the last trading day (Friday, 15th Oct 2021), rising from $143.76 to $144.84. , and has now gained 3 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 0.97% from a day low at $143.51 to a day high of $144.90. The price has been going up and down for this period, and there has been a 1.54% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 477 thousand more shares were traded than the day before. In total, 68 million shares were bought and sold for approximately $9.80 billion.
On Oct 13, 2021 "Bank of America" gave "$160.00" rating for AAPL. The price target was changed from $139.73 to 1.3%.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -2.50% during the next 3 months and, with a 90% probability hold a price between $135.12 and $151.08 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 4.10%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The Apple stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $146.65. On a fall, the stock will find some support from the short-term average at $142.86. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Apple finds support from accumulated volume at $142.94 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 $1.39 between high and low, or 0.97%. For the last week the stock has had a daily average volatility of 1.58%.
Apple holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.Check full Apple forecast and analysis here.