Apple (AAPL) stock will be under scrutiny as the company prepares for its “Glowtime” product launch event on Monday, where it is anticipated to reveal its new AI-powered iPhone and other updates, including iOS 18.1.
Since hitting a low in early August, Apple shares have surged about 13%, potentially setting the stage for a “sell-the-news” scenario. Historical trends suggest that Apple’s stock often lags behind the S&P 500 on launch days but performs better in the subsequent months.
Investors should watch several key price levels:
Support Levels: The stock could test support at $218, a trendline level connected to previous trading ranges. If this fails, further declines might see a drop to $207, aligning with the June breakout low. A more significant decline could reach $196, where the stock found support last month and is near the 200-day moving average.
Resistance Level: On the upside, Apple faces resistance around $233, just below its all-time high. A strong move towards this level could prompt profit-taking by investors.
As the event unfolds, these technical levels will be critical in assessing Apple’s stock movement and potential trading strategies.
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