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Apple falls after estimate cut, tepid reception for iPhone 5 in Bejing

The stock is down over 2.7% at time of writing, with the stock having tested near six-month lows at $505.75. That level remains support. UBS cut estimates on the company for 2013 to $47 per share. The Wall Street Journal noted that the launch of the iPhone 5 was "arguably the least eventful launch of an Apple device in the company’s four-year history in the Chinese capital." At the current price of $514.60, resistance is at the high of the day at $518.12. The bearish pennant pattern we mentioned yesterday is now active. Downside potential if the pattern stays active and completes is to the $460 to $450 area.