Apple (AAPL) shares trading higher on Monday, despite broad selling pressure in the market.
Shares of Apple closed 1.6% higher following news that the iPhone manufacturer was considering bringing cell phone service to their line of Mac computers.
Investors were also reacting to news from the Wall Street Journal that Apple is one of the best managed companies in the world.
Shares of Apple have shifted into a relative strength position against several of its Magnificent Seven peers.
Over the last month, Apple stock has rallied more than 8%, shifting the stock’s 50-day moving average into a bullish trend. It’s the first time that the stock has improved its technical footing in more than four months.
December is often a strong performance month for the iPhone company as investors “buy the rumor” of a holiday sales “bump”.
That end-of-year rally often turns into selling pressure as the calendar year turns over.
Over the last 20 years, Apple stock averages a return of just 0.1% for the month of January. That makes January one of the four worst performing months of the year for the stock.
Investors should expect to see building resistance at $250 as the number represents a significant round number for the stock.
That resistance is likely to turn to selling in just a few weeks through Apple’s next earnings report due January 30.
