Will Apple reach record highs on iPhone 13 launch?

July 07, 2021 15:00

After spending much of this year ranging, Apple shares have finally taken off and are closing in on record highs.

Investors are now fully focused on the next big news announcement from the company which is the launch of the iPhone 13 in the summer.

From a technical analysis perspective, Apple shares are now trading at the top of a bullish ascending triangle structure.

Source: Admirals MetaTrader 5, AAPL, Weekly - Data range: from Mar 20, 2016, to Jul 7, 2021, performed on Jul 7, 2021, at 8:30 am GMT. Please note: Past performance is not a reliable indicator of future results.

 

Apple’s share price has already found support at the lower trend line of the ascending triangle formation meaning investors have already started to position themselves.

If the price can break through the top level of resistance, which is also the record high, then there could be an even stronger run higher so it’s certainly one to watch!

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