Apple shares raced into July.
The stock surged 2% on Monday, adding to a nearly 30% advance for the year, after a pause on additional tariffs between the U.S. and China reignited hopes of trade progress.
Its rally now faces a major test, says Matt Maley, equity strategist at Miller Tabak.
“It’s at a key technical juncture right now, at least on an intermediate-term basis, because this huge rally it’s seen this year, especially the most recent one, which is about 16% in just one month, has taken it right up to the upper line of what’s called a symmetrical triangle pattern on a multi-year basis,” said Maley on CNBC’s “Trading Nation ” on Monday. “If it can break above that it’s going to be bullish for the stock.”
Apple would need to reach at least $210 to break out above the upper band of its symmetrical triangle pattern. That marks a roughly 4% rally from its current level at less than $202.
“However, the more important level is going to be the early May highs. That’s up right around…
