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February 26, 2023
A quick look at Friday: after closing the previous trading day at $149.4 and dropping to $145.72, the mobile and tech colossus closed Friday at $146.71. By the end of the session, Apple gave up a total of 1.8%.
Apple could begin to recover as it approaches significant support, now 82 cents away from $145.89. Dipping below could be an indication that further losses are ahead. 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. Apple's lower Bollinger Band® is at $143.28, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, price action remains constrained around the key Fibonacci level of $145.93 currently serving as support. If price action breaks below, the next Fib hurdle is $137.94.
Technical analysis shows that Apple (currently on a downtrend) might reverse course and start going up in the short term.
Apple was not the only decliner in the technology sector; Adobe went down 7.63%, closed at $347. Microsoft falls 2.18% Friday to close at $254.77. SAP closed at $113.18 (down 2.44%).
Looking ahead, ongoing depreciation may be prolonged as United States Pending Home Sales expected to decline to 1% while its preceding data was 2.5%, data will be available tomorrow at 15:00 UTC.
In addition, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.2%. The figure will be published tomorrow at 13:30 UTC.
Apple hit a significant low of $125 around a month ago, but has since recovered 19.5%.
