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July 04, 2023
Investors are currently sidelined due to the July 4th holiday but will return to their desks tomorrow. Looking back over the previous session yesterday: after closing the previous trading day at $193.97 and dropping to $191.76, the mobile and tech colossus closed yesterday at $192.46. By the end of the session, Apple gave up a total of 0.78%.
Meanwhile, United States ISM Manufacturing PMI (Jun) released yesterday at 14:00 UTC with a figure of 46, while the previous figure was 46.9. United States ISM Manufacturing Employment (Jun) came out at 48.1, while a consensus of analysts was expecting 50.8. United States ISM Manufacturing Prices (Jun) came out at 41.8, while a consensus of analysts was expecting 44.
A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Apple's upper Bollinger Band® is at $194.26 which indicates a further downward move may follow. Despite this, Apple could begin to recover as it approaches significant support, now 94 cents away from $191.52. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Apple.
Apple was not the only decliner in the technology sector; SAP went down 1.65%, closed at $136.81. Oracle went down to $117.15, losing 1.63% after it closed at $119.09 yesterday.
On the other hand, positive performances could be seen by looking at other technology stocks as TSM traded at $103.15 after closing yesterday's trading day at $100.92 (up 2.21%).
Furthermore, United States FOMC Meeting Minutes is expected tomorrow at 18:00 UTC.
The stock has been trending positively for about 4 months. Having set a significant low of $125 5 months ago, the mobile and tech colossus is trading 55.15% higher.
