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May 13, 2023
Yesterday at a glance: pronounced bearish sentiment in the market pushed the mobile and tech colossus into a notable 0.54% slide yesterday, falling 94 cents and ultimately closing at $172.57.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 195,800, while the previous figure was 195,600. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
Apple made an initial break below its 5 day Simple Moving Average at $173.23, a possible indication of a forthcoming negative trend. Apple's upper Bollinger Band® is at $175.74 which indicates a further downward move may follow. On the other hand, note that Apple bounced after reaching the $171.03 support zone, climbing $1.54 above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Apple to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the sleek smartphone manufacturer is expected to attract significant bearish sentiment in the coming days.
Apple was not the only decliner in the technology sector; Adobe went down to $335.45, losing 1.79% after it closed at $341.58 yesterday.
On the other hand, positive performances could be seen by looking at other technology stocks as Accenture plc Class A (Ireland) traded at $277.19 after closing yesterday's trading day at $272.27 (up 1.81%). IBM traded at $122.84 after closing yesterday's trading day at $120.9 (up 1.6%).
The stock has been trending positively for about 2 months. The sleek smartphone manufacturer has recovered 38.79% since descending to a significant low of $125 around 4 months ago.
