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Apple has to hold this key level for it to be a buy, says technician

Pippa Stevens

Apple AAPL was down again in Thursday's premarket and is on pace for its worst quarter in a decade. On Tuesday, shares of the tech giant fell more than 4 percent after HSBC downgraded the stock to hold and key iPhone supplier Cirrus Logic CRUS slashed its Q3 revenue guidance. Apple is now firmly trading in a bear market — down 25 percent from its 52-week intraday high of $233.47.