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April 25, 2023
Today at a glance: the sleek smartphone manufacturer has recovered almost all of its session losses after dipping down to $163.73 today.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
Highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 101.3.
Meanwhile, United States New Home Sales (Mar) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000. United States Building Permits came out at 1.43 million, while a consensus of analysts was expecting 1.41 million.
Trend-following investors would be interested to note that Apple made an initial break below its 21 day Simple Moving Average at $163.55, a possible indication of a forthcoming negative trend. Today's price action generated a Japanese candlestick pattern showing when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Technical analysis shows that Apple pushed below the $164.28 support level and extended 51 cents beyond it.
Overall, the technical outlook suggests Apple is likely to remain muted for the immediate future, with no clear-cut direction.
Apple was not the only decliner in the technology sector; Intuit drops 5.08% today to close at $442.32. Texas Instruments closed at $169.39 (down 3.7%). Accenture plc Class A (Ireland) lost 2.36% today and closed at $270.7.
Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was -0.1%, data will be available tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million, having previously been at -4.58 million. The figure will be published tomorrow at 14:30 UTC.
The stock has been trending positively for about a month. 3 months ago, the mobile and tech colossus fell to a low of $125 but has since recovered 32.24%.
