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.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

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.

EUR/USD accelerates losses, focus is on 1.1800

EUR/USD’s selling pressure is gathering pace now, opening the door to a potential test of the key 1.1800 region sooner rather than later. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and the publication of the FOMC Minutes later in the day.

GBP/USD turns negative near 1.3540

GBP/USD reverses its initial upside momentum and is now adding to previous declines, revisiting at the same time the 1.3540 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold picks pace, flirts with $5,000

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and pushing higher towards the key $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.