Apple Inc. (NASDAQ:AAPL) iPhone sales weakness has continued since the December quarter

Apple Inc. (NASDAQ:AAPL) iPhone sales weakness has continued since the December quarter

Apple Inc. (NASDAQ:AAPL) iPhone sales weakness has continued since the December quarter

A Wall Street analyst on Wednesday trimmed his price target on Apple stock amid reports that iPhone sales weakness has continued since the December quarter.

D.A. Davidson analyst Tom Forte reiterated his buy rating on Apple (AAPL) but lowered his 12-to-18-month price target to 245 from 260.

Apple stock rose 0.4% to 153.92 on the stock market today. On Oct. 3, Apple stock hit a record high of 233.47.

Forte trimmed his iPhone sales estimates for 2019 after hearing comments from Apple suppliers that suggested iPhone sales softness has continued into the new year.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 7,397.47.

The projected lower bound is: 6,632.26.

The projected closing price is: 7,014.87.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 55.1897. This is not an overbought or oversold reading. The last signal was a sell 1 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 54.64. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 18 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 53. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 14 period(s) ago.

Rex Takasugi – TD Profile

NASDAQ COMPOSITE closed up 5.411 at 7,025.767. Volume was 12% below average (neutral) and Bollinger Bands were 34% wider than normal.

Open High Low Close Volume___
7,061.6457,084.8516,953.2327,025.767 553,187,968

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 7,016.69 6,962.37 7,451.71
Volatility: 19 36 25
Volume: 543,870,592 622,731,008 556,397,952

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

NASDAQ COMPOSITE is currently 5.7% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into .IXIC (mildly bullish). Our trend forecasting oscillators are currently bullish on .IXIC and have had this outlook for the last 9 periods.

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