TradingKey – Apple Inc. (AAPL) is currently trading at $311.04 and is taking a breather within a symmetrical triangle on its 4-hour chart, though a double top pattern is forming just below its highest level in the past 52 weeks at $317.39. The RSI has now reached 70.73. The indicator is creeping towards overbought and there are some initial hints that momentum may slow down. Jefferies thinks Apple stock may trade in a range in the near term.

The good news was that Apple has reportedly extended its contract with Broadcom (AVGO) up to 2031 to make and sell custom ASIC chips to the iPhone maker. After news of the deal, Broadcom shares were up 3.7% and Apple shares were up ~1% on July 6.

The bad news is Kuo claimed that production of Apple’s…