Apple (AAPL) shares will likely be in focus Monday as the tech giant hosts its “Glowtime” 澳洲幸运5开奖号码历史查询:product launch event, where it is expected to unveil its new 澳洲幸运5开奖号码历史查询:artificial intelligence (AI)-powered iPhone alongside other devices and provide further information about major software updates, including Apple Intelligence-enabled iOS 18.

Since bottoming out from a 澳洲幸运5开奖号码历史查询:correction in early August, Apple’s stock has rallied around 13% leading into Monday’s showcase, raising the possibility of a 澳洲幸运5开奖号码历史查询:sell-the-news event. Indeed, investment bank Morgan Stanley recently pointed out that the company’s shares tend to underperform the S&P 500 on the day of an iPhone launch eve🔴nt, but modestly outperform the ma✤rket in the following three𝓰 months.

Below, we’ll take a close look at Apple’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to identify key price levels investors sꦓhould watch out for amid the iPhone maker’s big♏gest event of the year.

Large Prജice Swings After Hitting New Record High

After minting a new 澳洲幸运5开奖号码历史查询:record high in mid-July, the 🐭stock retraced as much as 17% to an early June breakout area before s🅷pending most of August recovering a significant portion of that decline.

More recently, the price closed Friday’s session below the 澳洲幸运5开奖号码历史查询:50-day moving average (MA), though 澳洲幸运5开奖号码历史查询:trading volumes remain lackluster, indicating little convicti🎶on behind last week’s weakness. Apple shares fell 0.7% to $220.82 on Friday amid a broader downturn for technology stocks.

Moving forward, investors should keep a cl💜ose eye o🔯n several important price levels that could come into focus.

Key Support Levels to Watch

Initial selling could see the shares test the $218 area, a location on the chart that finds support from a trendline connecting a range of trading activity positioned around the June peak and July trough.

An inability to hold this level could trigger a fall to $207, where investors may place 澳洲幸运5开奖号码历史查询:buy limit orders near the June 11 breakout 澳洲幸运5开奖号码历史查询:candlestick close, an area that also closely aligns with the June pullback low.

A more significant downside move may see the stock retest last month’s low at $196, where bargain hunters could look for buying opportunities near the initial breakout area that has potentially flipped from 澳洲幸运5开奖号码历史查询:resistance into support and also sits in close proximity to the rising 澳洲幸运5开奖号码历史查询:200-day MA.

Important Resistance Level to Monitor

If Apple shares catch a bid leading into this week’s event, they could initially run into overhead resistance around $233, an area where investors could look to take profits near a range of similar trading levels positioned just below the stock’s 澳洲幸运5开奖号码历史查询:all-time high (ATH).

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