Apple has fallen 11% from its recent high. Here are the next levels to watch

Apple shares are well into a correction, off more than 11 percent from their recent high, but a close technical analysis suggests that the iPhone maker hasn't hit bottom just yet.

We saw the stock fall more than 1 percent on Tuesday for a fifth-straight session, losing over 8 percent in that time alone. While there appears to be no significant technical damage done at this point, that kind of move is still quite notable for such a widely held stock.

Apple is essentially testing three support levels, as it tests its March closing lows (just above $165), its 200-day moving average ($165.73), and its trend line going back to mid-2016.

Therefore, any further meaningful decline would be somewhat negative on a technical basis. On Tuesday, the stock fell beneath its 200-day moving average, closing just off its session lows.

However, the more critical support level to watch is its February closing lows, at $155.15. A meaningful break below that level would definitely prove negative on a technical basis, but that's still another 5 percent below current levels.

As the market awaits the company's quarterly earnings next Tuesday after the bell, we'll be watching these levels for clues as to its next move.

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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 CNBC and CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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