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Apple: Double-Top Looming for the Tech Giant? Watch These Levels for Clues

Published 03/25/2024, 02:58 AM

For those of you who follow me on X, you may be aware that I have been discussing Apple (NASDAQ:AAPL), specifically focusing on the double-top pattern on the weekly chart and how it has been developing.

Apple’s stock has faced regulatory challenges since early March when the European Commission fined Apple $2 billion for allegedly stifling competition from music-streaming rivals through its App Store. This week, the US Department of Justice accused Apple of monopolizing the high-end and US smartphone markets. This is concerning because this may be the beginning of such legal actions.

AAPL Chart

From a chart perspective, the impact on Apple’s stock has been contained so far, with the stock finding support around the $172 region. Last week’s candle volume combination suggested buyers had stepped in at this level. 

However, it’s important to note that the $172 level is crucial, as a break below it would push Apple into a low-volume node and test the volume point of control (VPOC) support line at $165, which aligns with the valley of the double top pattern.

A break below this level would confirm the double-top pattern and potentially lead to the projected price target of $130.

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