• AAPL stock one of the few big tech names in the green on Wednesday.
  • Apple pushed up but failed to break $144.50.
  • The tech-giant stock is still in a downtrend but may have put in a double bottom.

Apple stock (AAPL) was green on Wednesday despite most big-tech names closing lower even as most equity indices recovered in the second half of the day. Whether this was a dead-cat bounce or some change in sentiment is not clear but the recent worries of rising yields, Evergrande, and US debt ceiling problems have not gone away.

Reports this morning from Reuters say Evergrande missed a second payment on offshore debt, and in the US, politicians continue to squabble over the debt ceiling. Democrats will likely have to go alone on this one. Ten-year yields in the US continue to rise, even if the pace of the rise appears to be slowing, but the dollar is certainly pricing in further gains as it hit a new 1.15 handle versus the euro.

All this makes markets nervous and we remain cautious on our outlook for Apple. Semiconductor issues are still hitting many tech firms and the US and EU agreed on Wednesday to try to work together by launching a US-EU Trade and Technology Council. Reuters does report, however, that the new group made a statement in relation to the growing influence of big tech, as they are "committed to transatlantic cooperation regarding platform policies that focus on disinformation, product safety, counterfeit products, and other harmful content."

Apple 15-minute chart

Apple key statistics

Market Cap $2.3 trillion
Enterprise Value $2.3 trillion
Price/Earnings (P/E) 29

Price/Book

38
Price/Sales 9
Gross Margin 41%
Net Margin 25%
EBITDA $112 billion
52 week low $103.10
52 week high $157.26
Average Wall Street rating and price target

Buy $166.7

 

Apple stock forecast

The interesting thing to note from the daily chart below and the 15-minute chart above is how Apple stock closed quite a bit lower than the intraday high. This level also formed a double top and failed at the $144.50 mark. The daily candle created a long wick which is generally bearish and for the session, Apple (AAPL) stock traded between two key levels, $141.67 and $144.50. The stock is still below the 9-day moving average, the Moving Average Convergence Divergence (MACD) is still in bearish mode and the other momentum oscillators are trending lower. 

FXStreet View: AAPL bearish, neutral above $144.50, bullish above $151.42

AAPL daily chart

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