Apple Inc. (NASDAQ:AAPL) stock swings lower
Shares of Apple Inc. swung back to losses Tuesday, after a downbeat report from Goldman Sachs and another revenue warning from a supplier of smartphone components fueled concerns over deteriorating iPhone demand.
The technology giant’s stock AAPL, -1.00% fell as much as 1.4% to a 3 1/2-month low earlier in the session, before bouncing to rise as much as 1.6%. The gains have since faded, and the stock fell 0.5% in afternoon trade, to put it on track for the fourth-straight loss and lowest close since July 31.
Goldman’s Hall slashed his price target to $209, which was about 8% above current levels, from $240. He also lowered his fiscal 2019 earnings estimate to $13.00 a share from $13.44, his revenue forecast to $269.9 billion from $279.7 billion and his iPhone unit projection to 202.9 million from 214.8 million. He reiterated the neutral rating he’s had on Apple since Feb. 6.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 212.69.
The projected upper bound is: 205.25.
The projected lower bound is: 177.77.
The projected closing price is: 191.51.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
An inverted hammer occurred. If this occurs during a downtrend (which appears to be the case with APPLE INC) it implies a reversal. Look for a confirmation of the reversal on the bar.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
An on-neck line occurred. This is a bearish pattern where prices should move lower when the white candlestick’s (i.e., the most recent) low is penetrated.
A shooting star occurred (a shooting star has a small real body near the bottom of the candle and a long upper shadow). During an uptrend the long upper shadow indicates that the bears are gaining control and a top may occur.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 15.8891. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 4 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 33.26. 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 sell 48 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 -152.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 26 period(s) ago.
Rex Takasugi – TD Profile
APPLE INC closed down -1.940 at 192.230. Volume was 45% above average (neutral) and Bollinger Bands were 78% wider than normal.
Open High Low Close Volume___
191.630 197.180 191.450 192.230 46,882,936
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 206.32 218.30 193.37
Volatility: 59 41 32
Volume: 47,722,856 37,603,992 32,454,070
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.
APPLE INC is currently 0.6% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of AAPL.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on AAPL.O and have had this outlook for the last 24 periods.