Apple (NASDAQ:AAPL) Stock More To The Downside?

Apple (NASDAQ:AAPL) Stock More To The Downside?

$AAPL #Apple #iPhone #StockSplit #USA #Nasdaq #Stocks #Trading

Apple
Ticker: NASDAQ:AAPL
Price: $121.19

Apple News

Apple delivered largely what was expected during an event on Tuesday. The tech giant unveiled its slate of 2020 iPhones, comprised of four models featuring 5G cellular technology. The iPhone 12 mini is the smallest and cheapest, starting at $699. The larger iPhone 12 will go for $799, while the premium iPhone 12 Pro and iPhone 12 Pro Max will sell for $999 and $1,099, respectively.

Apple raised prices in a few different ways with this new collection of iPhones. First, the base iPhone 11 was priced at $699 last year, $100 less than the standard iPhone 12 this year. Second, the iPhone 12 and iPhone 12 mini will cost an extra $30 if not bought through either AT&T or Verizon, although other carriers will likely offer various deals and trade-in offers. And third, Apple will no longer include headphones or a charger with its iPhones.

Analysts are generally happy with Apple’s pricing decisions. Jefferies boosted its Apple price target from $135 to $140 following the event, predicting a robust upgrade cycle. Meanwhile, Raymond James maintained its outperform rating, saying that aggressive trade-in offers from carriers should drive upgrades, and that the pricing should boost Apple’s iPhone average selling price.

Of course, the state of the economy is the big wild card. With persistently elevated unemployment, no new economic stimulus in sight, and signs of a winter wave of the coronavirus in the United States, there’s a lot of uncertainty for Apple. Add in the question of how much consumers really care about 5G, and you have a wide range of scenarios that could play out over the next few months.

Apple stock didn’t get any kind of boost on Wednesday from the iPhone event, and was down about 0.2% by late afternoon. Shares are still up over 60% so far this year.

Business Summary

Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players.

The Company sells a range of related software, services, accessories, networking solutions, and third-party digital content and applications.

The Company’s segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific.

The Americas segment includes both North and South America. The Europe segment includes European countries, India, the Middle East and Africa.

The Greater China segment includes China, Hong Kong and Taiwan.

The Rest of Asia Pacific segment includes Australia and the Asian countries not included in the Company’s other operating segments.

Its products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iPhone OS (iOS), OS X and watchOS operating systems, iCloud, Apple Pay and a range of accessory, service and support offerings.

Price Performance

Relative Valuation

Technical Indicators

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 112.29.

The projected upper bound is: 131.68.

The projected lower bound is: 111.16.

The projected closing price is: 121.42.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

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 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 73.5067. This is not an overbought or oversold reading. The last signal was a sell 0 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 57.60. 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 28 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 130.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 8 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 11 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed up 0.090 at 121.190. Volume was 10% below average (neutral) and Bollinger Bands were 8% narrower than normal.

Open     High     Low     Close      Volume
121.000  123.030  119.620 121.190    151,062,304
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           117.32        116.71        88.36
Volatility:      53            55            60
Volume:          146,302,704   178,784,400   170,501,232

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

APPLE INC is currently 37.2% above its 200-period moving average and is in an upward 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 bullish on AAPL.O and have had this outlook for the last 0 periods.

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