Apple (AAPL) shares will be in focus on Friday after recording their largest one-day drop since early August yesterday following news that the tech giant lost its coveted position as China’s largest smartphone seller last year.

Data from technology research firm Canalys showed the iPhone maker’s 2024 shipments slumped 17% in the country, their largest decline since 2016, as domestic rivals Vivo and Huawei both captured additional market share. The company’s latest iPhones sold in China aren’t equipped with its recently launched artificial intelligence (AI) features due to regulatory hurdles, weighing on sales as customers turn to competitors’ devices for alternatives.

Apple shares were up 1.2% at $231 in the opening minutes of trading Friday, after falling 4% yesterday. The stock is down 9% so far in 2025, after gaining 30% last year.

Below, we take a closer look at Apple’s chart and point out important price levels worth watching after yesterday’s selling.

Ascending Triangle Breakdown

Since an evening star pattern marked the stock’s all-time high (ATH) last month, Apple shares have trended sharply lower. Selling pressure intensified on Thursday, with the price falling decisively below the lower trendline of an ascending triangle, raising the possibility of a significant breakdown.

It’s also worth pointing out that the stock recorded its highest volume yesterday since December’s triple witching trading session, indicating that larger market players participated in the sell-off.

Let’s apply technical analysis to Apple’s chart to identify crucial support and resistance levels that investors will likely be watching in the coming weeks.

Key Support Levels to Track

The first lower point of interest on the chart sits around $218. This location provides a confluence of support from a trendline that links a series of highs and lows from June to September with the upward sloping 200-day moving average. 

This location also corresponds with a bars pattern projected downside target that takes the stock’s prior major correction from July to August last year and overlays it from last month’s record high

The bulls’ inability to defend this level could see Apple shares revisit lower support at the $207 level. Investors may look for buying opportunities in this area near the June 2024 pullback low, which also closely aligns with several prices situated just above the August trough.

Important Resistance Levels to Watch

Amid a recovery in the iPhone maker’s stock, investors should watch for a potential retest of the $235 level, a location where the shares may run into resistance near the ascending triangle’s lower trendline and prominent peaks that formed on the chart in July and October last year.

Finally, a move back above the ascending triangle’s top trendline could see Apple shares climb to around $250. Investors who have purchased the stock at lower prices may look to book profits in this region near a brief pause in the stock’s strong uptrend during December.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 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.