In the midst of a 3 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — a mostly flat day so far for the mobile and tech colossus, range-bound between $146.62 and $149.13 and currently at $148.31.
United States Non Farm Payrolls is next.
This uncertain state for Apple is reflected by published market data as United States ISM Manufacturing PMI (Nov) came out at 49, while a consensus of analysts was expecting 49.8. United States Core PCE Price Index (MoM) (Oct) released yesterday at 13:30 UTC with a figure of 0.2, while the previous figure was 0.5. Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 225,000.
Apple made an initial break below its 10 day Simple Moving Average at $148.16, a possible indication of a forthcoming negative trend. Despite this, Apple is approaching key support, around $1.4 away from $146.91. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Apple is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other technology stocks as Salesforce went down to $147, losing 8.27% after it closed at $160.25 yesterday. Intuit was up 2.08%.
Data to be released today might clear up some of the market fog as projections for United States Non Farm Payrolls are set for a continuation of decline with 200,000 while previous data was 261,000; data will be released today at 13:30 UTC. United States Unemployment Rate figure is projected at 3.7. It previously stood at 3.7; data will be released today at 13:30 UTC.
Apple hit a significant low of $130.06 around 5 months ago, but has since recovered 13.82%.