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Apple has seen a huge run-up since hitting a low of $106 at the end of November and Grasso thinks the stock hit an overbought level at $133.
"If you're a long-term investor, and I am one of those, you should hold on and wait for stability around $120 and maybe even buy more," Grasso said. "And you will be rewarded if it mirrors the same recovery that we had in November with approximately $145 in a price tag for Apple when it recovers from its overbought status selloff."
Apple's hitting this key level ahead of a big week. The highly anticipated Apple Watch is expected to debut Monday, and any disappointments at the launch could send the stock lower. Apple shares are up 17 percent this year.
Steve Grasso is long Apple.