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AAPL Stock Forecast: Could Descend Continue in (NASDAQ: AAPL)?

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On September 13th, Apple showcased its new iPhone 15 to the world. Many people want to know what the new phone can do. The new phone is also very important for Apple’s sales. 

AAPL stock has been rising since December 2022, before the beginning of 2023, and has shown buyer accumulation on the charts and showed rise as buyers piled up earlier. The stock encountered a barrier near the supply range and retracement in the previous sessions and may decline more to form support around the fibo 38.20% level in the short term. Based on recent data, the revenue of the period ending June 2023 was $81.80 Billion with a net income of 19.88 Billion. 

AAPL stock price was at $174.21 with an intraday decrease of 1.19%. Moreover, the intraday trading volume of AAPL is 84.256 Million higher than the 10-day aggregate volume of 61.23 Million.

The AAPL stock estimated EPS for the period ending June 2023 was 1.195, and the reported EPS was 1.26 which gave a positive surprise of 5.42%. Moreover, the forecasted EPS for the next quarter is positive at 1.389.

Apple Inc. has a “buy” rating from 44 analysts on TradingView who rated it in the last three months. About 37 analysts who gave a 1-year price forecast for Apple Inc. projected a high of $240 a minimum high of $202 and a minimum low of $160.

Technical Analysis of AAPL Stock Price in 1-D Timeframe

AAPL was in a bullish trend since December last year even before 2023 started. The AAPL price found support around $124 and was strongly bought. From the low of $124 to the high of $198, the journey was strong and the stock moved upwards by making higher highs and lows. The yearly high was reached by July 19th, 2023. Moreover, the price followed the Fibonacci levels and climbed steadily from these Fibo levels.

At the time of writing, the price was $174.21 and has faced some resistance after the quarterly results. The price has dropped below 23.60% Fibonacci level as some investors booked their profits and are still descending. The price may fall further to the 38.20% Fibonacci level, where it may find some support at $170. The stock has a strong base and may bounce back from that level and continue its upward trend.

The current stock price of AAPL stock might achieve more as there is a possibility for the price to move toward the next resistance level of $182 and $187.

On the other hand, if the price breaks below the $170 significant support level, it might fall toward $165.

AAPL Stock Forecast: Could Descend Continue in (NASDAQ: AAPL)?
Source: AAPL.1D.NASDAQ by TradingView

At the time of publishing, Apple Inc. (NASDAQ: AAPL) is trading below the major 20 and 50-day exponential moving averages (EMA), which is supporting the AAPL price trend. 

The current value of RSI is 37.76 points. The 14 SMA is below the median line at 48.78 points.

The MACD line at 1.54 and signal line at 0.9290 are below the zero line and both lines have narrowed towards each other a gap is broadening and a bearish cross is noticed. 

Collectively in AAPL stock price, all mentioned indicators highlight negative sentiment in the short trend and a positive sentiment in the long trend.

Summary

Apple Inc. (NASDAQ: AAPL) chart indicates that the traders and investors of the stock price are bearish in the short trend and bullish in the long trend on the 1-D time frame. The price is showing signs of weakness and may drop to $170, where it may find some support. The technical indicators of AAPL stock price also confirm the short-term downtrend. The indicators show a downward trend, suggesting weak demand and lack of strength in the market. However, the company has a solid performance and may bounce back in the long-term view.

Technical Levels

  • Support levels: $170 and $165
  • Resistance levels: $182 and $187
Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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