Apple (AAPL) shares are likely to remain in focus ahead of a Sept. 9 event where the tech giant is 澳洲幸运5官方开奖结果体彩网:expected to unveil the iPhone 16 with 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) capability, as well as new versions of the Apple Watch and AirPods. Investors are also digesting news late Monday that the company will replace long-time 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Luca Maestri on Jan. 1 with Kevan Parekh, Apple’s current vice president of financial planning and analysis.

Although Apple shares trade just 4% below their 澳洲幸运5官方开奖结果体彩网:record high, the tech giant faces increasing competition in the smartphone market from Samsung (SSNLF) and Alphabet’s (GOOGL) Google, both of whom recently announced devices wit🐼h AI integration and other high-end specifications.

Below, we take a closer look at Apple’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to locate key p🍸riꦇce levels that investors will likely be watching.

Successful Retest of Ascending Triangle

Since recording their record high in mid-July, Apple shares fell as much as 17% before finding buying interest near the top trendline of a broad 澳洲幸运5官方开奖结果体彩网:ascending triangle, a chart pattern that projects a continuation of the stock’s longer-term uptrend. Moreover, the 50-day moving average (MA) crossed above the 200-day MA in June to generate a 澳洲幸运5官方开奖结果体彩网:golden cross, a bullish signal indicating higher prices.

Indeed. since bottoming out earlier this month the price has recovered around 16% and reclaimed the 50-day MA, though most of the move has occurred on below-average volume, potentially pointing to a lack of conviction from larger market playe▨rs.

Looking ahead, inﷺvestors should keep a close eye ꦡon several important price levels on Apple’s chart.

Lower Price Levels to Monitor

Initial profit-taking at current levels could see the shares decline to around $218, an area just below the 50-day MA where they may find support near a trendline joining the 澳洲幸运5官方开奖结果体彩网:June peak and July trough.

Further downside may lead to a retest low the $207 level, a location on the chart where investors could seek 澳洲幸运5官方开奖结果体彩网:buy-the-dip opportunities near the stock’s June 11 breakout close, which also closely aligns with the low of a minor pul🍒lback later that month.

Higher Price Levels to Watch

Ongoing bullish momentum could propel the shares to $233, where they m♔ay encounter overhead selling pressure arounไd several price points positioned just below the stock’s record high.

To forecast a 澳洲幸运5官方开奖结果体彩网:price target above Apple’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH), investors can use the measuring principle. To do this, we calculate the distance between the ascending triangle’s lower and upper trendlines near their widest point and𒆙 add that amount to the breakout area. For instan🎉ce, we add $70 to $197, which projects a target of $267.

Apple shares fell 0🐷.3% to $226.50 in extended trading Mond꧂ay.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.