"Getting over the $445 level would be a temporary positive—if you look at the daily charts since February, that defines the highs of the stock over the entire range," Newton noted. "Next, I want to see a move over $460, which is the May high. If we can see that, that would suggest the stock could really start to accelerate and get up toward $501 and potentially $538."
Meanwhile, some analysts were hopeful that Apple's launch of a new product, expected sometime in the third quarter, will fuel the shares.
"Expectations are very low for the stock," said Tom Forte, senior research analyst at Telsey Advisory Group, who sees a bottom in the low-$400 range. "If they came out with a television or an iWatch [when they were] at $700, it may not have moved the stock higher, but at today's levels, there's still upside."
(Read more: Apple investors bet cheap iPhone can offset China)
"In the next 12 months, as they launch the next-generation iPhone and iPad, that innovation will drive the stock higher."
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter:
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