Apple’s stock has delivered a lackluster return in 2015 of -3.4 percent. Despite record profits and favorable valuation metrics compared to its peers, Apple’s chart looks extremely challenged heading into 2016.

Bearish Formations

Apple experienced a death cross back in August and dropped below its 50-day simple moving average (SMA) earlier this month. In addition, its early November peak at $123 fell well short of its previous peaks at around the $132 level in February, April and July.

In fact, the triple top is an extremely bearish indicator in itself. As if there weren’t enough technical signals that the $132 level was a major market top for Apple, Benzinga observed back in April that Apple experienced a bearish engulfing at the peak of its chart, a signal that a stock may have topped.

To make matters worse, Apple’s 2015 trading seems to have formed a head and shoulder pattern, another notoriously bearish technical formation that indicates the end of a long-term uptrend.

Frustrating Timing

For Apple shareholders, the bearish chart is…

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