Muted session threatens to disturb Apple's ongoing uptrend

Stable at $165.21 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — Apple recovered back to $165.21 after dipping down to $163.83, in a session that followed Thursday's $165.56 close value.

This uncertain state for Apple is reflected by published market data as data from United States concerning Core Retail Sales was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0% to -0.8% this month. United States Retail Sales fell short of the -0.4% projections, with new data of -1%. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.

Apple's upper Bollinger Band® is at $167.84, suggesting that a downward move may follow. Despite this, Apple is approaching key support, around $1.3 away from $163.91. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests Apple is positioned for a downward move in the near term.

Meanwhile, mixed performances were seen by other technology stocks as Accenture plc Class A (Ireland) dips 2.11% yesterday to close at $285.27. Microsoft lost 1.28% yesterday and closed at $286.14.

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 32.43%.