Apple shares gained more than 2 percent Tuesday morning, one day ahead of a high profile event in which the company is expected to release a new cycle of products. However, one trader says Apple will have to step up its game if it wants its latest products to boost stock prices, which have taken a hit amid a broader market selloff.
"The expectations are pretty muted," Erin Gibbs of S&P Capital IQ said. "We're looking for some big new product that's going to boost those expectations, and right now it's just not on the table."
Rumors of new products include updates for the iPhone 6, iPad, Apple TV and Apple Watch.
The main item that could help Apple shares is the iPad, according to Gibbs.
"One of the things that could be useful is if they release a new iPad, because that may help their revenues," Gibbs said Friday on CNBC's "Trading Nation." "Really when we're looking at next year, their sales are slowing down greatly. They're going from 27 percent revenue growth this year to 4.5 percent for 2016."
However, technical analyst Craig Johnson of Piper Jaffray said the stock could soon see a bounce back to recent highs.
"The stock is as oversold today as it was in 2012 and 2013, so it feels like a lot of the bad news may already be pretty well baked into the stock at this point in time," Johnson told CNBC on Friday.
Johnson said if the stock were to break below a support range of $92 to $103, the next level of support would come in the $85 range, which he said would make a good bargain buy. It was trading at $111.66 Tuesday morning.
"When stocks like this that are industry leaders pull back to big areas of support that look pretty well washed-out, I think you can always find some reason for these stocks to work their way higher," he said. "The valuation of this stock is going to look really cheap if you take out this particular zone of support."
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