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May 02, 2023
Today at a glance: the sleek smartphone manufacturer dropped 0.62% early on and traded close to the $168.54 level.
Meanwhile, United States JOLTs Job Openings (Mar) released today at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. Fresh API Weekly Crude Oil Stock data from United States came out at -3.94 million.
Apple made an initial break below its 3 day Simple Moving Average at $169.23, a possible indication of a forthcoming negative trend. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Apple's upper Bollinger Band® is at $170.85 which indicates a further downward move may follow. In contrast, Apple could begin to recover as it approaches significant support, now $1.27 away from $167.27. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Apple.
Apple was not the only decliner in the technology sector; Cisco Systems went down 2.07%, closed at $47.34. Intel lost 1.75% today and closed at $29.77. Salesforce went down 2%, closed at $197.79.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate is expected tomorrow at 18:00 UTC. United States Services PMI figure is projected at 53.7. It previously stood at 52.6; data will be released tomorrow at 13:45 UTC.
The stock has been trending positively for about 2 months. The mobile and tech colossus is up 35.65% from the significant low of $125 it hit 3 months ago.
