- The Apple stock price aimed for a correction from a 60% retracement level.
- AAPL stock lost more than 12% from the all-time high level of $198.23 level.
Apple Inc. (NASDAQ: AAPL) was founded on April 1 1976 in California, United States. It is an American multinational technology company. It is known for creating the iPhone, iPad, and Macintosh computers. Apple is also the World’s largest technology company by revenue.
The Recent Overview of Apple Stock Performance
The Apple Company has performed well in the market for the past few years. The company reported its revenue at $394.33 Billion in 2022 with a net income of $99.80 Billion. The company has increased its revenue by 7.79% and net income by 5.41% compared to the year 2021.
According to the quarterly data, in the month of July 2023, the company observed a decline of -1.40% in its revenue. However, early this year the Apple stock price started an uptrend, which gradually led to an all-time high price level of $198.23 in July 2023.
From the $198.23 level, the price started a move toward the $147.50 retracement level for the bullish correction. When this happens, we can expect a bullish impulsion from that level.
Apple, Inc. holds a total market capitalization value of $2,715,040,729,120 with an average trading volume of 59,571,974.
Technical Analysis and Price Prediction
The AAPL stock price has seen a downtrend since August 2023. It has faced double resistance from the trendline formed above, possibly the price may test this trendline once again. At present, the price has gained support from $171.81. This level is preventing the share price from falling down.
The AAPL price is currently trading at $173.66 having support from the $17.81 level. In the last three trading sessions, the bulls engaged in the support level by forming green bullish candles. Currently, the price is moving toward the immediate resistance level at $179.96.
The 50-day EMA and 200-day EMA are coming closer to each other. It signifies the possibility of a breakout. On the other hand, The RSI is reflecting some hidden divergence, so the price may probably turn toward resistance.
Conclusion
Overall, Apple Inc.’s (AAPL) stock price is trading in a downtrend until it takes a bullish correction. We expect a bearish sentiment in the price for the short term. It gained immediate support from the $171.81 level. So, if the stock price trades below the 200-day EMA and closes below $167.79, it may probably fall for the major support at $147.50. For the long-term buyers, this level may become the immediate demand.
Technical levels
- Resistance Levels: $179.96 and $194.53
- Support Levels: $167.79 and $147.50
Disclaimer
The views and opinions stated by the author, or any person named in this article, are for informational purposes only. They do not establish financial, investment or any other advice. Investing in or trading stocks comes with the risk of financial loss.