A mostly flat day so far for the sleek smartphone manufacturer, range-bound between $165.42 and $166.83 and currently at $165.92.
Apple is currently trading at $165.92 following the release of JOLTs Job Openings (Feb) data from the United States.
This uncertain state for Apple is reflected by published market data as United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Apple's upper Bollinger Band® is at $167.45, suggesting that a downward move may follow. In contrast, Apple is approaching key support, around $1.09 away from $164.83. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Although price action remains in a stalemate, technical analysis suggests Apple could be primed for a break to the downside.
Meanwhile, mixed performances are seen in other technology stocks as Applied Materials is down to $119.82, losing 2.04%, after ending yesterday at $122.32. Intel is trading at $33.34 after ending yesterday's session at $32.89 (up 1.37%). After closing the previous session (yesterday) at $124.74, Qualcomm lost $1.61 and is trading around $123.13.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC. United States ADP Nonfarm Employment Change (Mar) is expected tomorrow at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released tomorrow at 14:00 UTC.
The stock has been trending positively for about a month. Having set a significant low of $125 2 months ago, the mobile and tech colossus is trading 32.91% higher.