Hello everyone, this week's Tech Tracking, let's analyze Apple$ APPLE (AAPL.US) $.
Hot Spot Events
Apple's stock market value was overtaken by Microsoft during the year.
Into 2024, U.S. stocks continued their strong performance last year, with both the Dow and S&P 500 hitting all-time highs.
However, Apple, which has held the top spot in U.S. stock market capitalization for many years, fell nearly 6% over the year (as of February 24, 2019) and was the worst-performing stock among the trillion market capitalization club members; it also fell past $3 trillion, overtaken by Microsoft.
Over the past year, the AI boom has swept the globe and many tech companies have benefited from it, most notably Microsoft and Intel. But one analyst pointed out that Apple has so far not spoken publicly about its business development in the field of AI, and appears to be lagging behind other tech giants in the AI race, causing concern about this.
In addition, the iPhone, which has the biggest impact on Apple's revenue, has also experienced problems with sales in the Chinese market. Massive competitive pressure from China's domestic handset makers has caused the Chinese market's demand for iPhones to fall more than expected.
Technical analysis
Overall, Apple's share price is currently in the midst of a high turbulence resolution, and technical signals are relatively weak.
Trend analysis:
1. Apple's share price started a rally in the first half of 2023, with an overall increase of about 50%.
2. After that, the share price retraced its gains of less than 50%. This level of retracement is relatively normal.
3. In the immediate aftermath, the share price resumed its rally, but both the upswing and duration narrowed markedly. During this round of gains, the share price has hit all-time highs, but is only slightly higher than the previous high of 1%.
4. After that, the share price fell again, approaching the retracement level of 61.8%. Although this is a deep pullback, it has managed to maintain the moderation of the uptrend. If you think that the trend is about to reverse, you should not stand still.
Indicator Interpretation:
The daily chart shows that Apple's share price has fallen below the 50-day average (MA50) for nearly 20 consecutive trading days, with a weak short-term trend. The 200-day average (MA200), which serves as the medium-term bull boundary line, has also been hit at times.
The circular chart shows that Apple's share price may be trending towards a double-top pattern, with concern over whether the below neckline position at $167 will face the test. In addition, both the Perimeter MACD and RSI indicators show a clear pullback signal, which is not very friendly to the bulls.
Direction of attention:
In the short term, Apple's share price is running in a downward channel and is currently nearing the bottom of the channel. At the same time, an uptrend line connecting the share price lows in early 2023 is also being tested.
The bulls may think that the share price will get some support near the lower or uptrend line, and see a lot accordingly. On the other hand, the empty head may also prepare for a potential break in the uptrend line or channel.
This content discusses technical analysis, and other approaches, including fundamental analysis, may provide different perspectives. The examples provided are for illustrative purposes only and do not reflect the expected results.
All investments involve risk, including the potential loss of principal, which cannot guarantee the success of any investment strategy.
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