TradingKey – Amid market expectations for flagship iPhone demand and the commercialization of Apple Intelligence, Apple (AAPL) shares trended higher from around $332 in early October, surging to $348.91 on October 29, just shy of its previous high of $351.42.

Apple stock price chart, Source: TradingView

As the valuation premium (with forward P/E reaching 36.96x) touched the upper end of its historical range, institutions such as Morgan Stanley and Wedbush maintained price targets near $350. Options selling pressure concentrated at the $350 level and bullish momentum was exhausted, causing the stock to pull back after surging. Heading into November, Apple shares experienced a brief…