Apple Inc. (AAPL) stock price delivers neutrality over the price chart in the daily timeframe. The stock shows consolidation of over 2 weeks after suffering rejection while attempting to recover the decline from the all-time high.
The daily chart illustrates that the Apple stock price experienced a heavy sell-off from the all-time high price of $198 making the current quarterly performance negative. The stock performance astonished Wall Street analysts in the last two quarters as the price surged from a low of $124 and made way move to reach an all-time high price of $198 without any major drawdowns.
Moreover, the company performed negatively in the current quarter due to profit booking and heavy short-selling from the upper levels. Apple stock price is down 10% this quarter and might crash more in the upcoming sessions. One of the important factors behind the price crash might be related to the lagging in sales of smartphones this year which may affect the results in the next quarter.
The company is attempting to increase sales as Apple has recently launched the iPhone 15 with new features such as USB-C charging among others. The company is also looking for opportunities in other developing markets.
AAPL stock option-chain analysis states that the current implied volatility in the market is 22.93% with an increment of 0.13% in the last trading session. The At-the-money strike of $175 has an OI of 15,842 open contracts on the CALL side and 21,234 open contracts on the PUT side indicating that the sellers are in dominance at the CMP.
AAPL Stock Price Accumulating Near Low
Currently, the Apple stock price is $174.79 with a gain of 0.49% in Friday’s session. The daily chart shows an accumulation of over two weeks near the swing low and waiting for either bulls or bears to dominate the price trend.
The option chain data illustrates the complete dominance of bears at the upper levels which was also observed on the price chart as the stock could not sustain the upper levels.
Apple Stock Price Fell Below 50-Day EMA
The daily AAPL stock price chart shows that the price trades below the 50-day EMA; indicating the dominance of sellers in the short-term.
Currently, the overall technical opinion rating including RSI and MACD is signaling an 8% “buy” with a weakening short-term outlook on maintaining the current direction.
Conclusion
Apple stock price is consolidating near the swing low after a sharp drop from the all-time high of $198. The stock is down 10% this quarter due to profit booking, short-selling, and lagging smartphone sales. Apple has launched the iPhone 15 with new features to boost sales in other markets. The stock is trading at $174.79 with a slight gain on Friday. The option chain data shows bearish pressure at the upper levels. The stock is waiting for a clear direction.
Technical Levels
- Support levels: $170.71 and $165.82
- Resistance levels: $180.08 and $186.28
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/23/derivatives-data-bearish-can-iphone-15-save-apple-stock-crash/