AAPL Clears Prior Peak

Apple (AAPL) has reached a new high of $341.07 on September 25, surpassing its previous 52-week peak set in late July.

This milestone is significant for momentum traders and technical investors as it signals that the stock's upward trend may be gaining strength.

The old resistance level of $341 has now become a new floor that bulls want to see hold, indicating that the breakout is likely to be sustained.

However, if Apple fails to stay above this level and retreats back below its previous high, it could flip from support to resistance, potentially undoing the momentum.

The $5 trillion market capitalization of Apple adds weight to this development, as a company of its size pushing to fresh annual highs can have significant implications for major benchmarks and funds that track them.