Apple (AAPL) shares wavered between gains and losses in early trading Tuesday after posting gains Monday on the Trump administration’s decision to temporarily exempt many electronic goods from import tariffs.

Apple, which assembles a majority of its devices in China, has seen its stock come under considerable pressure in recent weeks amid an intensifying trade war between Washington and Beijing that has resulted in escalating tit-for-tat tariffs, prompting concerns that increasing manufacturing costs could weigh on consumer demand.

The iPhone maker’s shares rebounded 5% last week but have lost about a fifth of their value since the start of the year. By comparison, the S&P 500 jumped 6% last week and is down about 8% for the year so far.

Below, we break down the technicals on Apple’s chart and point out crucial price levels worth watching.

Possible Elliot Wave Completion

After setting their record high in late December, Apple shares have trended lower, possibly completing an Elliott Wave pattern, with five distinct price swings after which sentiment typically shifts.

The stock appeared to gain momentum in recent trading sessions following last Wednesday’s record-breaking relief rally that saw the stock log its largest one-day gain in nearly three decades.

The shares have recorded above-average volume since President Trump announced sweeping tariffs earlier this month, signaling increased trading activity as market participants position for further news-driven price swings.

Let’s identify crucial support and resistance levels on Apple’s chart that could grab investors’ attention.

Support Levels To Watch

A loss of momentum in the stock could see the shares initially fall to around $183. This area on the chart may provide support near a horizontal line that connects a range of price action stretching back to January last year.

Selling below this level opens the door for a retest of lower support at $169. Investors may look to scoop up shares in this region near last week’s low, which also closely aligns with a period of sideways drift on the chart throughout March and April last year.

Resistance Levels To Monitor

Further buying this week could see the shares touch overhead resistance around $220. Tactical traders who have accumulated shares at lower levels may decide to lock in profits in this region near a trendline that links last June’s prominent peak with several troughs spanning from July to January.

Finally, a breakout above this area could trigger a move to the $247 level. Apple shares may attract overhead selling pressure in this location near the notable late February swing high and an array of price points positioned just beneath the stock’s record high.

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