[21 July 2024]
Today, Sunday 21 July 2024, StockCharts365.com has taken a closer look at one of the world's largest companies, Apple Inc. (ticker on Nasdaq: AAPL).
The Apple share (ticker on Nasdaq: AAPL) will now probably test support down towards USD 180.00 - 195.00.
On Friday, the share ended at USD 224.38.
Read more about this in the technical analysis of Apple Inc. (ticker on Nasdaq: AAPL) here at StockCharts365.com today.
First, a little bit about the company Apple Inc. (ticker on Nasdaq: AAPL)
Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses.
Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem.
Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality.
The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips.
Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.
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Technical Analysis of Apple Inc. (ticker on Nasdaq: AAPL)
Technical Analysis of Apple Inc. (ticker on Nasdaq: AAPL):
The Apple share has shown strong development both in the short and long term, and within an upward trend.
Now it is sometimes the case that even strong trends come to an end, (cf. chart back to the strong rise for the share in the first half of 2023).
Now the share has shown a correspondingly strong development in the past six months, but now the share may face another downward correction, and within the long-term upward trend that the share is moving within.
There are occasional downward corrections and testing of support levels such as the 50-day and 200-day moving averages, and another such test of key technical support levels is now indicated by the overall technical picture for Apple stock.
That will mean a correction down to around USD 188.00 - 208.00.
There may well be a correction down to the lower trend line in the long-term rising trend as well, and in that case it will mean a correction down to around USD 180.00 - 185.00.
The overall technical picture for the Apple share, short-term and long-term, therefore now signals a correction for the share, and to somewhere between USD 180.00 - 208.00.
On Friday, the share ended at USD 224.38.
Also read the case about the Nasdaq Composite here a week ago: Today, Sunday 14 July 2024, StockCharts365.com has taken a closer look at the very important Nasdaq Composite Index in the USA. The Nasdaq Composite Index will now probably see a correction of 7-12%.
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