Why Apple’s dip has created a sudden buying opportunity

The holiday shopping season kicked off with a massive sale on Apple's stock.

In early Monday morning trading, shares of the tech giant plunged as much as 6.44 percent, its largest intraday drop in 10 months, on huge volume. The stock struggled to regain losses and closed the day down 3 percent. What made the move so curious is that the selloff occurred on little news.

(Read: Here's why Apple dropped)

Some traders speculated that the sudden dip was due to weak Black Friday sales, while others pointed to a moderately bearish note from Morgan Stanley, which suggested trimming Apple longs. Either one of those events would normally not cause such a sudden drop in such a large company.

"I guess Apple had a bit of a Cyber Monday sale of its own," joked Alex Gauna of JMP Securities.

Explanations aside, is the stock a buying opportunity?

(Read: Apple's dip not an 'appetizing' entry point: Pro)

"[The stock] is a clear outperformer. It's natural for some people to want to take profits in this sort of environment," Gauna added. Apple shares have widely outperformed the broader market year to date, up 45 percent, and the company has a market cap of just under $700 billion.

Gauna, who has a $135-per-share price target on Apple, added that sales for Apple right now both on the iPhone and iPad are going very well. "We recommend being buyers here."

As far as Apple's chart, Todd Gordon of tradinganalysis.com agreed that this is a perfectly healthy pullback.

"Over the last two years, Apple has been following this nice upward trend channel along with this very strong performance. We are very technically overbought, and at some point, there [are] no more natural buyers left in the stock; greed sets in, sellers come in, and we need to reset," said Gordon.

Gordon added that Apple could pull back to the $106-per-share level, another 8 percent downside from current levels, and corresponds with the October breakout level.

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