Apple Inc. (NASDAQ: AAPL) shares are trading higher by $2.33 (2 percent) at $116.39 in Monday's session. Continuing problems with Samsung's Note 7 may be attracting more buyers to the issue as investors are banking on it being a boon to iPhone sales.
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Following a higher open ($115.02 vs. Friday's close of $114.06), it retreated only $0.30 and found support just above the upper-end of Friday's range ($114.56), reaching $114.72 before continuing its move higher.
It has continued to make highs for the session and has exceeded its former 2016 high ($116.18), so far reaching $116.36. If the rally continues, the next possible resistance point based on the daily charts doesn't come in until its December 10 high of $116.94. The last time it closed over $116 was that same day when it ended the session at $116.17.