Almost a month ago I shared the Apple chart below, reflecting that a key “MONTHLY SUPPORT” level ($570-$580) was close at hand. (See post here)   For this support line to be taken out, Apple needed to “close below this line on a Monthly basis!”

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During the month of December, Apple traded as low as $505.  Where did it close out the month price wise?  The chart below reflects that traders closed Apple just above this key monthly support line.

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Is line (1) the neckline of a large head & shoulders topping pattern in Apple? The 11/30 monthly close of Apple took place right on support line (1).  Where Apple closes on12/31/12 will be tell us a ton in regards to this monthly chart and the potential for an Eiffel tower pattern in this key stock.

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