Apple Inc.’s stock chart has produced a bearish “death cross” pattern for the first time in nearly three years, and even though it was well-anticipated, it could still spook investors, given what happened the last couple of times it appeared.

The stock AAPL, +3.03% climbed 2.2% in midday trade, but it was still down 15% since July 22. That’s when its 50-day moving average (“MA”), which chart watchers use as a guide to the short-term trend, started turning lower.

The 50-day MA is at $121.2497, according to FactSet, crossing below the 200-day MA, which slipped to $121.5105. Many use the 200-day MA as a dividing line between long-term uptrends and downtrends.

Don’t miss the slide show: “A death cross in Apple’s stock is coming.”

When the 50-day MA crosses below the 200-day MA, it’s known to chart watchers as a “death cross.” Many of them see that as marking the spot where a short-term decline turns into a longer-term downtrend.

Apple’s last death cross appeared on Dec. 7, 2012, when the stock closed at $76.18 on a split-adjusted basis. The stock fell another 27% before hitting bottom on April 19, 2013.

Apple’s stock fell a lot further after last two death crosses

Some would say the current death cross is more significant than the last one because this time the 200-day MA is declining. It was rising on Dec. 7, 2012.

The last time an Apple death cross appeared with a declining 200-day MA was Sept. 23, 2008, when the stock closed at a split-adjusted $18.12. It didn’t bottom until Jan. 20, 2009, after sliding another 38% to $11.17.

Apple’s stock has skidded 20% since its record close of $133 on Feb. 23, compared with a 13% drop in the Dow Jones Industrial Average DJIA, -1.84% over the same time.

When the last two death crosses appeared, the stock had already lost 24% and 33%, respectively, from significant peaks.