Apple shares fell more than 2 percent this week on relatively little news. Yet one top technician said the recent decline shouldn't be alarming, and in fact represents a rare opportunity to buy the stock.
"There hasn't been any technical damage" according to Richard Ross of Evercore ISI, who appeared on CNBC's "Fast Money" last week and added that joining in the stampede out the door would be "a cardinal sin."
Ross noted that despite the selloff, Apple shares still exhibit positive technical trends. Specifically, he added the stock still trades above the 200-day and 50-week moving average, which technicians see as a positive development.