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May 10, 2023
Yesterday at a glance: an influx of sellers pushed the sleek smartphone manufacturer to end the session lower around $171.77, while establishing a $171.61 to $173.54 session range yesterday.
United States Core Consumer Prices is next today at 12:30 UTC.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Apple's upper Bollinger Band® is at $173.68 which indicates a further downward move may follow. Technical analysis shows that Apple could begin to recover as it approaches significant support, now 70 cents away from $171.07. Dipping below could be an indication that further losses are ahead.
Overall, while Apple has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Apple was not the only decliner in the technology sector; Intel closed at $30.1 (down 2.18%). Qualcomm draws back 2.35% yesterday to close at $108.31.
On the other hand, positive performances could be seen by looking at other technology stocks as Sony Group Corporation traded at $93.9 after closing yesterday's trading day at $92.44 (up 1.58%).
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000, having previously been at -1.28 million. The figure will be published today at 14:30 UTC.
Furthermore, United States Consumer Price Index is expected today at 12:30 UTC.
The stock has been trending positively for about 2 months. Apple hit a significant low of $125 around 4 months ago, but has since recovered 38.78%.
