Apple (AAPL) shares remained under pressure on Wednesday, bucking a broader r💮ally f♔or tech stocks. 

Shares in the iPhone maker have come under heavy selling pressure this week following news that the company is delaying the rollou▨t of several AI features 🌺to Siri, which analysts argue could dent iPhone sales. The threat of 澳洲幸运5官方开奖结果体彩网:looming tariffs also continues to weigh on sentiment amid growing concerns that import duties imposed by the Trump administration could eat into the company’s 澳洲幸运5官方开奖结果体彩网:gross margins, given it manဣufactures the majority of its devices in Chi💯na.

Apple shares, which experienced their biggest one-day drop in two-and-a-half years on Monday, have fallen 17% since hitting a record high in December. The stock was down 2.2% at $216 in late trading Wednesday.

Below, we take a closer look at Apple’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify major price levels worth watc♔hing out for.

Symmetrical Triangle Breakdown

After setting a 澳洲幸运5官方开奖结果体彩网:record high in late December, Apple shares consolidated within a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle before staging a decisive 澳洲幸运5官方开奖结果体彩网:breakdown below the pattern and closely watched 澳洲幸运5官方开奖结果体彩网:200-day moving average this week.

Importantly, above-average volume ha൩s accompanied the move lower, indicating selling conviction by larger market participants.

While the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bearish price momentum with a reading below 50, the indicator sits near oversold territory, a region that has for several years provided attractive 澳洲幸运5官方开奖结果体彩网:tactical trading opportunities in the stock.

Let’s locate major 澳洲幸运5官方开奖结果体彩网:support levels to watch amid the possibility for further selling and also identify several key overhead areas to monitor if the stock resumes it longer-term uptrend.

Major Support Levels to Watch

Entering Wednesday's session, the $219 level was an area where the stock was expected to find support from a trendline that connects a range of similar price points on the chart between June last year and January this year. The stock had fallen below this location in 澳洲幸运5官方开奖结果体彩网:intraday trading on Tuesday, but it�🤪� reclaimed the area by yesterday’s close.

Selling below this level could see the shares fall to around $207. This region may attract buying interest near last year’s late June pullback low that formed within a broader uptrend that played out in t👍he stock between April and Jul♚y.

A more significant drop could bring lower support at the $197 level into play, an area where investors may seek 澳洲幸运5官方开奖结果体彩网:entry points near the prominent December 2023 peak and August 2024 trough. This location on the chart also roughly aligns with a measured move 澳洲幸运5官方开奖结果体彩网:price target, which calculates the depth of the symmetrical triangle and🍌 deducts that amount from the pattern’s breakdown area. For instance, deducting $36 from $235 projects a downside target of $199.

Key Overhead Areas to Monitor

The first overhead area to monitor sits around $237. A retest of this level finds a 澳洲幸运5官方开奖结果体彩网:confluence of 澳洲幸运5官方开奖结果体彩网:resistance from the symmℱetrical triangle’s lower trendline and two key peaks that formed on the chart in💎 October and July last year.

Finally, buying above this region could see Apple shares climb to the $247 area, a location on the chart where they may run into selling pressure near the symmetrical triangle’s top trendline, which also closely corresponds with last month’s peak and a mid-December 澳洲幸运5官方开奖结果体彩网:retracement low.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.