After three days of going down, Apple is flat today, hovering around $148.08

After dropping down to $147.16, the sleek smartphone manufacturer recovers some losses and is currently trading at $148.08.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

This uncertain state for Apple is reflected by published market data as United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

Chart analysis indicates after reaching the $147.5 support zone, Apple bounced and climbed 59 cents above it. Trend analysis indicates that Apple made an initial break below its 200 day Simple Moving Average at $147.31, a possible indication of a forthcoming negative trend.

The current technical outlook indicates Apple will continue to ebb sideways within tight ranges for the immediate future.

Meanwhile, mixed performances are seen in other technology stocks as Intuit added 1.3% to its value, now trading at $401.42. Cisco Systems is down to $49.09, losing 1.2%, after ending yesterday at $49.69. Adobe is trading at $350.81 after ending yesterday's session at $346.7 (up 1.18%).

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories expected to decline to 1.17 million while its preceding data was 16.28 million, data will be available tomorrow at 16:00 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC. United States GDP is expected tomorrow at 13:30 UTC.

The stock has been trending positively for about a month. A month ago, the sleek smartphone manufacturer fell to a low of $125 but has since recovered 18.76%.