Apple's Rally Signals Turnaround, Eyes $200 Peak

Apple Inc. traders are optimistic as key technical indicators suggest that the worst may be over for the stock, following its best weekly performance relative to the S&P 500 since the pandemic rally.
Shares of Apple surpassed $180 for the first time in two months after announcing the largest US buyback ever, with potential for a further rise to its December all-time highs near $200, according to Mark Newton of Fundstrat Global Advisors.
The $180 level is crucial as it represents two prior lows and now serves as a key resistance level that could turn into support, with Apple also recapturing its 200-day moving average around $181.