Apple (AAPL) - Get Report stock on Friday hit 52-week highs and looked to be breaking out to the upside. 

Now, though, Apple faces a make-or-break week, and the shares are retreating. That threatens to turn last week’s breakout into a fakeout.

Trade-war rhetoric may be a big driver for Apple stock and the market this week. Dec. 15 is the current deadline looming over the U.S.-China trade war. It's the date on which the U.S. could implement more tariffs if other agreements don't materialize.

Investors are on edge, even as the S&P 500 is down only slightly on the day, while the Volatility Index is up more than 10%. 

Apple, which generates plenty of revenue and does much of its production in China, is also a focus with the trade war in the headlines.

Let’s look at the charts in light of the recent action.

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Trading Apple Stock

Daily chart of Apple stock. 

Daily chart of Apple stock. 

Since it stumbled in August, Apple stock has been relatively impervious to any marketwide volatility. Every dip has been bought as the shares rallied from an August low of $191.28 to a recent high of $271.

That high came on Friday, when Apple stock broke out over $267, a level that had been acting as resistance for several weeks. Bulls were hopeful that by clearing this level on Friday, Apple stock would begin an even stronger rally into year-end.

Unfortunately for the bulls, though, Apple’s breakout is easing back, with the shares down 1.4% in Monday trading.

From here, it would be ideal for shares to recover the breakout point and hold that mark as support ($267). For now, the stock is not holding there, but is holding up over the 20-day moving average. If that holds, see if Apple stock can reclaim $267 and then take out its $271 high.

Below the 20-day moving average puts $260 on the table, as well as last week’s low at $256.29. If Apple stock drops below that mark, it puts channel support and the 50-day moving average on watch.

So what’s the bottom line? Over the $267 breakout level and AAPL stock is OK on the long side, as it keeps the $271 high on the table. 

Below $267 puts the 20-day moving average in the cards, followed by $260, last week’s low and the 50-day moving average.