The bears are devouring Apple.
Shares of the tech giant have crashed more than 25 percent from its October high, putting the stock firmly in a bear market and shedding nearly $300 billion in market cap in that time. The move comes as concerns over slowing iPhone demand, trade tensions and broader market turmoil have investors running for the exits.
Apple is now on track for its worst quarter since the financial crisis, and it is the worst performing Dow component over the last three months. According to one trader, shares could plunge 13 percent more over the next two months before hitting a floor.
Todd Gordon of TradingAnalysis.com notes that even with Apple's fall from the highs, it's still trading far above one of its "defining technical indicators" that has been a reliable source of support for the stock since the turn of the century.
"Looking at the 200-week moving average, which essentially tracks Apple's price over the last four years, every pullback that we have seen [since 2000] has really come back to this 200-week moving average," Gordon said Thursday on CNBC's "Trading Nation."
The 200-week moving average currently sits around $150, roughly 13 percent lower than where the stock was trading on Thursday afternoon. "If this overall market is going to take another leg down I think Apple is going to test that $150 level," he added.
To play for this move lower, Gordon suggested buying a put spread. Specifically he looked to purchase the February 160/150 put spread for $2.50, or $250 per options contract. This is a bearish bet that Apple shares could fall as low as $150 by mid-February.
Apple shares were down more than 1 percent on Thursday.