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AAPL Struggling At Resistnace

|Includes:Apple Inc. (AAPL)

AAPL, which bounced off a support trend that has been in place since 2009, has rallied back to the underside of a major trend line resistance. Over the last 20 years, AAPL has formed a rising wedge. The stock broke to the upside of that wedge to start 2012 but has since fallen back within it - bouncing off a support trend line near the mid-point last month.

2012-12-04-AAPL-LT_CHARTS

A closer look shows that AAPL is currently facing resistance from both the 50 and 200 day Moving Average, along with the upper trend line of that rising wedge.

2012-12-04-AAPL-ST_CHARTS

It may be time to get on board with Chris Kimble's suggestion that AAPL may be on the wrong side of a very big hill… errr, tower.

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Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in AAPL over the next 72 hours.

Stocks: AAPL