U.S Stock Price Today (February 21): Best Analysis and Forecast
|Stock price today. Photo: Since Independence|
Apple Inc. stock rises Friday, outperforms the market
According to Market Watch, shares of Apple Inc. AAPL, +0.12% inched 0.12% higher to $129.87 Friday, on what proved to be an all-around positive trading session for the stock market, with the NASDAQ Composite Index COMP, +0.07% rising 0.07% to 13,874.46 and the Dow Jones Industrial Average DJIA, +0.00% rising 0.00% to 31,494.32. The stock's rise snapped a three-day losing streak. Apple Inc. closed $15.22 below its 52-week high ($145.09), which the company achieved on January 25th.
Apple (AAPL) Could Sell Off to $110
Technically speaking, nothing went wrong because the most bullish price patterns fail a good percentage of the time. However, the stock had almost five months to work off those extremes through time rather than price but failed to do so, exposing a hidden weakness that has now come into play.
Not surprisingly, Wall Street consensus on Apple stock has deteriorated in the past year, with a "Moderate Buy" rating based upon 19 "Buy" and 5 "Hold" recommendations. More importantly, two analysts now recommend that shareholders close positions. Price targets currently range from a low of $80 to a Street-high $175, while the stock is set to open Friday's session nearly $20 below the median $150, Investopedia cites.
The summer rally added nearly 60 points into September and flamed out, generating the bullish pattern that failed after January 2021 earnings. Price action posted two minor warnings ahead of the breakdown. Even so, neither of these shortcomings set off a strong sell signal.
So what's ahead for Apple? For now, bulls will be watching for a bounce to lift the stock back above the broken 50-day EMA at $131. If that fails, more aggressive sellers could take control and generate a downside that tests the lower boundaries of the trading range in place since September. It's instructive to note that the 200-day EMA has lifted to $112, close to the November swing low at $107. It's doubtful that the stock will undercut both of those support levels.
Stock Market Rally Last Week
The stock market rally had a mixed week, with a mini-rotation from growth stocks into cyclical and financials.
The Dow Jones Industrial Average edged up 0.1% in last week's stock market trading. The S&P 500 index dipped 0.7%. The Nasdaq composite retreated 1.6% but bounced somewhat from its 21-day exponential moving average.
Growth stocks were roughed up in the middle of the week, but Friday gains helped limit losses overall.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) dipped 0.6% last week, thanks to a 2.15% pop on Friday. The Innovator IBD Breakout Opportunities ETF (BOUT) edged down 0.2% last week. The iShares Expanded Tech-Software Sector ETF (IGV) fell 1.4%. Microsoft stock is the top IGV holding. The VanEck Vectors Semiconductor ETF (SMH) lost 0.3%, with QRVO stock a component.
Losses were heavier in more-speculative names. ARK Innovation ETF (ARKK), which owns Tesla stock and many others, slid 2.5%, even with a 2.3% bounce Friday. ARK Genomics Revolution ETF (ARKG) retreated 4.1% last week, with several key holdings taking big hits.
Shoals stock jumped 5.9% last week to 40.17, with nearly all of the gain coming Friday. SHLS stock is now actionable, above an early entry just before 40. The official buy point is 41.86, according to MarketSmith analysis.
The IPO base has a lot of positive qualities. After a brief run-up from the late January IPO debut, SHLS stock corrected just 16%. On Friday, the relative strength line hit a new high with the stock still in the base. That's especially bullish, giving Shoals stock a blue dot at the end of its RS line on a MarketSmith chart.
Shoals Technologies makes a variety of gear for solar energy systems and components to carry electricity from solar panels to inverters. It's already profitable, with decent sales growth.
MaxLinear stock rose 3.3% to 38.33 last week, including a 5.8% jump Friday. That's just below a 38.81 buy point from a seven-week consolidation. Over the past couple of weeks, up days have come on higher volume than down sessions, as cited by Investors.
The RS line for MXL stock is near a record high.
The chipmaker delivered huge growth in the latest quarter: Earnings surged 144% on 178% sales growth. 5G businesses are part of the MaxLinear story, but only a portion.
Qorvo stock jumped 4.8% on Friday to 179.39, turning a weekly loss into a 1.9% gain. Friday's rebound from the 50-day/10-week line also pushed QRVO stock over its 21-day line and up to the edge of a downward-sloping trend line. Investors could buy the Apple iPhone chip supplier here or wait for a little more strength to clear the downtrend.
Qorvo stock is working on a base with a likely 191.93 official buy point. It needs another week for a flat base, though at 15.01% deep it's a hair too deep to officially qualify. Investors might want to at least start a position off the 10-week line or trend line. QRVO stock has had solid gains over the past few months but has had a tendency to run up and then pull back to the top of the prior consolidation before rebounding again.
While Qorvo stock had a strong week, key customer Apple did not. Apple stock fell 4.1%, finishing 1.9% below its 10-week line.
Microsoft stock fell 1.6% to 240.97. That was just a little too much of a drop to form a three-week-tight, though investors could use 246.23 as an add-on entry. MSFT stock is still in the range from a 232.96 buy point.
The Dow Jones tech giant has been booming thanks to cloud computing. Microsoft earnings growth has accelerated for the past two quarters. The 17% revenue gain in the last quarter was the best in years.
Tesla stock fell 4.3% last week to 781.30. Shares rebounded from the 50-day line on Wednesday — as Ark Funds' Cathie Wood expressed growing "confidence" in Tesla stock, saying she was buying more shares. But TSLA stock finished the week slightly below the 10-week line.
Earlier this month, this column reviewed the Tesla stock bull case from a technical standpoint. Those conditions all still remain and in some ways have improved. A TSLA stock rebound from the 50-day/10-week line would offer a buying opportunity, but investors might want to wait to see if TSLA stock can reclaim its now-falling 21-day. As Tesla continues to move sideways, a possible downward-sloping trend line becomes less steep. Also, if Tesla does start to bounce back, it'll soon have a new base.
But what's the bear case for Tesla stock from a technical standpoint? Well, it has been lagging the market in the past few weeks, which is not a big deal so far. Speculative names are facing some pressure, and TSLA has had a mammoth run. Analyst price targets on Tesla stock make heroic assumptions about the company's sales, self-driving prospects, and much more for the next decade.
TSLA stock is hitting resistance at the 21-day line, at least for now.
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