Apple Inc (NASDAQ:AAPL) shares are trading higher on Monday. The company announced a new AirTag and received positive analyst coverage.

• Apple stock is gaining positive traction. What’s pushing AAPL stock higher?

What’s Driving Apple Stock To Start The Week?

JPMorgan analyst Samik Chatterjee maintained Apple with an Overweight rating and raised the price target from $305 to $315 on Monday ahead of earnings this week. Meanwhile, Jefferies analyst Edison Lee kept a Hold rating on shares and trimmed the target from $283.36 to $276.47.

Apple is gearing up to report its fiscal first‑quarter results on Thursday after the market closes, and Wall Street is looking for another strong showing. Analysts expect earnings of $2.66 per share and revenue of about $138.07 billion, up from $2.40 per share and $124.30 billion in the prior quarter.

The company has topped expectations for both revenue and earnings in several consecutive quarters, according to Benzinga Pro.

In product news, Apple also introduced a new generation of AirTag. The updated tracker features a longer locating range thanks to the company's second‑generation Ultra Wideband chip, plus a redesigned internal layout that makes the speaker 50% louder. Precision Finding now works from up to 50% farther away, making it easier to track down misplaced items.

Is Apple Stock Set For A Rebound?

Apple is currently showing a bearish technical setup, with its price trading below key moving averages. Specifically, Apple stock is 2.5% below its 20-day SMA, 5.5% below its 50-day SMA and 2.5% below its 100-day SMA, indicating that it is struggling to gain upward momentum, but it’s looking to break that trend on Monday.

The RSI is currently at 21.82, which signals that Apple is in oversold territory, suggesting there could be potential for a strong bounce back. On the other hand, MACD is below its signal line, indicating bearish pressure on Apple’s stock. This suggests that the downward momentum may continue unless there is a significant shift in buying interest.

Key support is at $244.00, while resistance is at $277.50. If the price approaches the support level, traders should watch for a potential bounce; however, a break below could signal further downside, while a move above resistance could indicate a trend reversal.

Over the past 12 months, Apple’s stock has gained 10.95%, which shows that despite recent struggles, the longer-term trend remains positive. This longer-term performance indicates that there may still be underlying strength, but traders need to be mindful of the current technical indicators.

AAPL Price Action: Apple shares were up 2.97% at $255.39 at the time of publication on Monday, according to Benzinga Pro.

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