Apple Approaching Support
Companies / Tech Stocks Dec 15, 2011 - 05:51 AM GMTBy: Mike_Paulenoff
After failing to climb out of its December "bullish" coil pattern above 395.00 yesterday, Apple (AAPL) has plunged in sympathy with the overall market. The stock is quickly approaching a test of its 50% retracement support plateau of the entire prior up-leg from 363.32 to 396.41.
Inability of 380 to contain the weakness will argue for additional pressure into the 376-374 next near-term target zone. If violated this will point to a revisit of the November lows at 366-363.32.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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