March 11th 2024 – The price of Apple Inc is developing into a negative medium-term trend reports Trend Intelligence, as price action settled on Monday 11th March just short of $173.
Trend’s Analysis (click chart to expand): Trend’s D* Momentum Indicator creates a clear visual representation of price trends in play across asset classes and financial instruments. In Apple’s chart, Trend Intelligence reports a red (-D*) line exceeding (and diverting away from) the green (+D*) line. This is, and has shown over time to be, a negative trend signal. In addition to this indicator, price currently trades below 2 of Trend’s 3 moving averages, with the shorter term green average looking like it will cross below the yellow medium term average in the coming week(s). The combination of all stated indicators corroborate Trend’s negative medium-term trend rating on the stock, looking negative for the future weeks and months ahead.
Downside Sentiment: Investor’s Business Daily today reports that Apple Inc is seen to be losing the AI race – with Microsoft and Nvidia ahead of it. Another downside is that Apple expects profit growth of around 7% this year, low in comparison to other S&P 500 constituents.
Upside Sentiment: Citigroup analyst Atif Malik rates Apple’s stock a buy, reports The Motley Fool, with a price target of $220. Apple’s high customer satisfaction and global device sales growth can offset weaker demand for Iphones in China, and new AI features built into the product range are expected to pay off.
Authored by: Trend Intelligence, London
