Shares of Apple (Nasdaq: AAPL) hit fresh 52-week lows on Wednesday morning, breaching the previous low at $411. Shares are lower by over 4 percent, a moved tied to a combination of negative reports.

Of note, DigiTimes is reporting that Apple Q2 iPad Mini shipments may fall 20%-30%, citing sources. Traders are also discussing weak guidance from supplier Cirrus Logic Inc. (Nasdaq: CRUS). From a technical perceptive, a test of recent lows does not come as a surprise, and traders will be watching price action very closely.

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UPDATE: Barclays Lowers Apple (AAPL) Price Target to $465, Bear Case $340 April 19, 2013 8:02 AM Apple (AAPL) on Way to $320, Says Creative GlobalApril 17, 2013 3:46 PM Apple (AAPL) Falls Below $400/ShareApril 17, 2013 12:52 PM Hot-Selling Apple (AAPL) iPad Mini Could See Up to 30% Drop in Demand During Q2April 17, 2013 7:59 AM Cirrus Logic (CRUS) Prelim. Q4 Revs Miss ViewsApril 17, 2013 6:29 AM