Strong iPhone X Demand Boosts Apple Shares to Hit Record Highs
Shares of Apple soared dramatically on Monday to an all-time record high amidst speculation of strong demand of the iPhone X.
Apple’s shares jumped around 2 percent to trade at $166.29 in morning active trading session on Monday and surged above both Aug. 31 record close of $164, and the Sept. 1 record intraday high of $164.94.
Shares of the multinational technology company headquartered in California extended its rally after Apple said that demand for the company’s new luxury phone iPhone X is “off the charts”. Apple began taking orders for its signature gadget on Friday and a deluge of orders lengthened shipping times to as much as six weeks in the U.S.
Preorder demand is so strong not only in the U.S. Indeed, in Hong Kong, the iPhone X appeared to be sold out less than half an hour after ordering began in the mid-afternoon. It was similar story across Asia and the U.K. where the device sold out within minutes.
Buy Stop at 166.40, Take profit at 168.00, Stop loss at 165.60