Apple price target lowered to $800 from $900 at Jefferies- 12/10/12

The following is technical analysis on Apple Inc (AAPL) stock for December 10, 2012

 Apple Inc AAPL Resistance, pivot &  Support Levels – 12/10/2012

Resistance levels:
Pivot point:
Support levels:
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Share of Apple Inc. (AAPL) is trading near $530 on pre market Monday because of Jefferies expects Apple's growth to decelerate and margin leverage to be negative in FY14. The firm lowered its price target for shares to $800 from $900, but thinks Apple will post solid Q4 and Q1 results. The firm keeps a Buy rating on the stock.Stock after big hit $518 and nice rebound from Thursday, Apple has a new potential bearish pattern, levels to watch.There is a new potential bearish pattern developing.There is a new potential bearish pattern developing on the daily chart. That pattern is a bearish flag, has been formed by the recent consolidation of the move off the $500 area in the last two weeks. The pattern will not become active unless price breaks the top of the current bearish price channel, the flag, at the $590 area. If the pattern does trigger and completes, upside potential would be to the $635 area in earning area.I think long term buy will be coming soon but not now.The pattern would be voided if price instead breaks below the low of the bearish price channel, currently at the $555 to $505 area.Next short term support area is  Membership Access. Apple Inc. (AAPL) should trade $700-$750 in 2013?. This is my one of the Top Pick for 2012.  

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