The Apple stock price rally continues after a brief correction in the last two trading sessions. The stock of the iPhone manufacturer is up 2.17% as bulls target the recent all-time high of $220.20. At press time, the shares were changing hands at $217.15 during the first trading session of the week.
The benchmark indices of the US stock market currently stand at their record highs. However, a broader look at the market reveals that only a handful of stocks are contributing to the ongoing rally in the S&P 500 and Nasdaq 100 indices. The major contributors are tech giants like Nvidia (NVDA), Meta Platforms (META) and Apple (AAPL).
Apple stock soared to a new all-time high last week as the shares surged above $200. A weekly closure above the key resistance level has given bulls enough confidence to aim for more upside in the coming weeks. However, the uncertain economic conditions and the recent hawkishness from the US Fed might play a critical role in future price actions.
The ongoing price rally in Apple shares (NASDAQ: AAPL) could be attributed to the tech giant's recently announced AI features. The company's partnership with OpenAI and the integration of generative AI in iPhones is expected to boost sales in the coming months.
Another Apple news driving the price action on Monday is the development of the next-generation solid-state battery by Apple's Japanese supplier TDK. The technological breakthrough is expected to make Apple batteries capable of holding more energy.
Technical analysis helps us understand the price action on the NASDAQ: AAPL chart. If we analyze the chart on a weekly timeframe, we can witness a recent breakout from multiple resistances. The major resistance was the psychological barrier of $200. Additionally, the stock has also broken above the blue trendline, from which it broke down in February.
Apple stock price prediction of $257 could become a reality if the price clears the 1.618 fib retracement level of $221.59 in the coming days.
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