Apple (AAPL) Stock Price and Forecast: AAPL forming a bearish double top

Apple (AAPL) stock closes flat on Wednesday at $179.38.
Apple (AAPL) shares now look to be forming a bearish double top.
Apple (AAPL) shares recovered from omicron losses on Christmas week but are now stalling.

Ivan Brian FXStreet

Apple stock barely registered any change on Wednesday, in line with most indices being flat on the day. Year-end position squaring and a lack of risk-taking is hurting market volumes. Apple is still stuck below $180 and looks likely to stay pretty quiet as we approach the final two sessions for the year.

Apple (AAPL) stock news

Yesterday's price action was limited across most equities not just apple. Volume has steadily been declining.

Apple (AAPL) stock forecast

A potential double top formation is now looking ominously close but has not yet been fully formed. The two tops are the all-time high at $182.13 from December 13 and Tuesday's high of $181.33. The trigger will be if Apple closes below $176 in our view. The target of a double top is the size of the valley. Here it is $15 from $182 to $167 so the target would be $152 if the double top does trigger. In order to avoid this Apple needs to put in a fresh all-time high, preferably this week.

Trend: Bullish on short, medium, and long-term timelines. Key pivot $176, support at $172, $167, $157 and $153.

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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