Apple stock targets breakout, nears all-time record high

Apple stock is up nearly 3% in Thursday trading, putting it 2% shy of a breakout, as shares eye a new all-time high.

Matthew Galgani for Investor’s Business Daily:
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Apple continues to target a breakout from an early-stage consolidation. The buy point is 237.23.

While forming that chart pattern, the relative strength line for Apple stock has moved mostly sideways. But showing resilience and market leadership, the RS line remains within striking distance of its 52-week high.

Earlier this month, billionaire hedge fund manager Daniel Loeb said he sees room for shares of Apple stock to climb. In a letter to investors, Loeb said Apple will benefit from adding artificial intelligence technology to its iPhones, Reuters reported. In July, the stock also received a pair of upbeat reports from analysts as Apple begins to add AI to its products.

By building Apple Intelligence into the iPhone, iPad and Mac, the company aims to deliver what it calls “AI for the rest of us.” It aims to enhance personalization of content and context while simultaneously expanding privacy within AI. Apple says the platform will assist users with features such as Writing Tools, Image Wand, Genmoji and the Image Playground.

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MacDailyNews Note: Apple’s all-time high was set on July 15, 2024 at $237.23.
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