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April 22, 2023
A quick look at yesterday: the sleek smartphone manufacturer found support around the $165.02 level, after closing Thursday at $166.65 and dropping by 0.98% yesterday.
While price action maintains a negative bias, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions came out at 189,900.
Chart analysis suggests Apple could begin to recover as it approaches significant support, now 83 cents away from $164.19. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. Analysis based on the asset volatility indicates that Apple's upper Bollinger Band® is at $169.28 which indicates a further downward move may follow.
With market volatility ebbing, the current technical outlook indicates Apple will remain range-bound for the immediate future.
Apple was not the only decliner in the technology sector; TSM went down to $85.37, losing 4.39% after it closed at $89.29 yesterday. Intel retreats 1.81% yesterday to close at $30.86.
On the other hand, positive performances could be seen by looking at other technology stocks as SAP traded at $133.95 after closing yesterday's trading day at $126.86 (up 5.59%).
The stock has been trending positively for about a month. Apple hit a significant low of $125 around 3 months ago, but has since recovered 33.3%.
