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June 07, 2023
Drifting lower, the sleek smartphone manufacturer is nearing the end of the session at $178 after ranging between $177.33 and $181.21 today.
United States's Crude Oil Inventories new data released of -451,000 below its previous figure.
United States Crude Oil Inventories published today at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.
Amid the market gloom, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released today at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Apple made an initial break below its 5 day Simple Moving Average at $179.42, a possible indication of a forthcoming negative trend. Apple's upper Bollinger Band® is at $181.21 which indicates a further downward move may follow. Despite this, Apple could begin to recover as it approaches significant support, now 28 cents away from $177.72. Dipping below could be an indication that further losses are ahead.
In the short term, Apple is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other technology stocks as Intuit is down 5.43% from the beginning of the session and now trades around $424.12. Microsoft is trading around $323.59 (down 3.02%). ServiceNow is trading around $530.7 (down 4.52%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims expected to decline to 235,000 while its preceding data was 232,000, data will be available tomorrow at 12:30 UTC.
The stock has been trending positively for about 3 months. Apple hit a significant low of $125 around 5 months ago, but has since recovered 43.35%.
