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May 17, 2023
Apple was steady yesterday maintaining a $171.8 – $173.14 range before closing at $172.07.
- United States Building Permits (Apr) is next.
- While flat yesterday, Apple is on a 9 day bullish trend, gaining a total of $6.28 throughout.
Earlier data releases related to Apple – highly important Retail Sales data from United States beat analyst expectations of 0.8% with a reading of 0.4%. New Core Retail Sales data from United States matched market expectations with a reading of 0.4% — a positive step in contrast to previous data of -0.5% from last month.
Here is the technical analysis of Apple before macro data is released:
Technical analysis trend indicators suggest that Apple made an initial breakout above its 5 day Simple Moving Average at $172.74, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Apple's upper Bollinger Band® is at $176.27, suggesting that a downward move may follow. Apple chart analysis: Apple is approaching key support, around 54 cents away from $171.53. 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.
Overall, while Apple has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Coming up for Apple — today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 2.95 million. United States Philadelphia Fed Manufacturing Index (May) is expected tomorrow at 12:30 UTC.
As the markets get ready for more data to be released — AMD was up 4.19%. Qualcomm descends 2.34% yesterday to close at $106.28. Intel descends 1.95% yesterday to close at $29.8.
The stock has been trending positively for about 2 months. The mobile and tech colossus is now trading 37.63% above the significant low ($125) it slumped to 4 months ago.
