Weaker technical forecast for Apple as stock downgraded to Sell Candidate.StockInvest.us, 3 weeks ago
The Apple stock price gained 0.93% on the last trading day (Wednesday, 7th Sep 2022), rising from $154.53 to $155.96. During the last trading day the stock fluctuated 1.99% from a day low at $153.61 to a day high of $156.67. The price has fallen in 6 of the last 10 days and is down by -6.74% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 14 million more shares were traded than the day before. In total, 87 million shares were bought and sold for approximately $13.62 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 lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $155.12 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 25.1% during the next 3 months and, with a 90% probability hold a price between $194.06 and $228.73 at the end of this 3-month period.
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 sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $157.40 and $163.04. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, August 17, 2022, and so far it has fallen -10.65%. 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).
On the downside, the stock finds support just below today's level from accumulated volume at $141.66 and $131.88.There is a 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 $141.66. If this is broken, then the next support from accumulated volume will be at $131.88 and $131.56.
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 $3.06 between high and low, or 1.99%. For the last week, the stock has had daily average volatility of 2.46%.
Apple is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
The Apple stock holds several negative signals and despite the positive trend, we believe Apple will perform weakly in the next couple of days or weeks. Therefore, we 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.