Technical analysts sound the alarm on Apple shares

The world's biggest tech company can't seem to catch a break.

Shares of Apple slid 2 percent Wednesday, extending its sell-off in the new year. The stock briefly broke below $100 a share during the day's trading, but closed just above, at $100.70.

"[one hundred dollars] is not just a psychologically important level, it's a technically important level as well. So should we break there, then we have concerns," Todd Gordon of TradingAnalysis.com said Wednesday on CNBC's "Power Lunch."

As the company faces waning enthusiasm over its products and slowing iPhone production, Gordon said Apple's chart still looks supported. However, other technical analysts aren't so sure.

"Apple has been broken for most of 2015," Scott Redler of T3 Live wrote in a note Wednesday. Redler said the company's shares shouldn't find substantial support until $92.

According to Rich Ross of Evercore ISI, the stock may be headed even lower. In a Wednesday "Trading Nation" video, Ross said he expects Apple shares to go to the $90 level. However, Ross sees downside risk all the way to $72, a 29 percent drop from where the stock closed Wednesday.

When Apple last broke its uptrend in 2012, many investors were taken down with the stock, said Ari Wald of Oppenheimer.

"People were still trying to buy it all the way down. It's kind of got value investors sucked into it. it's got growth investors sucked into it," he told CNBC on Tuesday. "For now, we remain cautious on Apple."

Wald sees the next level of support for Apple at $95.

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Craig Johnson of Piper Jaffray also expects Apple to find support around $90. But even if the stock breaks through the next support level, it may still be a buying opportunity given its attractive valuation, he said.

"By no stretch would you look at Apple and think it's expensive," Johnson told CNBC on Wednesday "If I was an investor, this pullback would be a great entry point to the shares, because not only do technicals suggest that's a good support level, you also have the fundamental argument: why should such a great company like Apple trade below a double-digit multiple?"

— CNBC's Patti Domm contributed reporting.

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Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

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