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Apple Approaching Support


Wednesday December 14th, 2011
Apple Approaching Support
by Mike Paulenoff www.MPTrader.com

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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