Read More Nike: $12B buyback, dividend hike, 2-for-1 stock split "We could invalidate that formation on a break above that 200-day, if we take that shoulder out and we can get through this neckline of resistance," Ross said. "But below it the stock remains vulnerable." Resistance now comes in around $122, he said, and if Apple can break above that level, the stock should be able to continue its recent rally. Apple shares have risen more than 5 percent this week about $119.