Friday at a glance: after closing the previous trading day at $166.65 and dropping to $164.5, the sleek smartphone manufacturer closed Friday at $165.02. By the end of the session, Apple gave up a total of 0.98%.
Visual analysis of Apple's chart shows that Apple could begin to recover as it approaches significant support, now 83 cents away from $164.19. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. Asset volatility analysis shows that Apple's upper Bollinger Band® is at $169.28 which indicates a further downward move may follow.
All in all, the technical analysis suggests Apple has no clear-cut direction.
Apple was not the only decliner in the technology sector; TSM went down 4.39%, closed at $89.29. Intel went down 1.81%, closed at $30.86.
On the other hand, positive performances could be seen by looking at other technology stocks as SAP added 5.59% to its value, and traded at $133.95.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 104 from the preceding figure of 104.2.
Furthermore, United States Building Permits is expected tomorrow at 13:30 UTC. United States New Home Sales (Mar) will be released tomorrow at 14:00 UTC.
The stock has been trending positively for about a month. After hitting an important low of $125 approximately 3 months ago, the mobile and tech colossus has bounced back 33.3% since.