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.
According to Ross' chart work, over the past two years Apple has moved higher after two short-lived corrections.
The current selloff has been spurred by a recent bout of global unrest, particularly China. According to FactSet, that country makes up 16.2 percent of Apple's total revenue, making some investors nervous about the tech giant's ability to ride out a storm there. In addition, China's equity market has been extremely volatile, which has put its retail investors in a bind as the market sinks into correction territory.
The plunged nearly 24 percent over the past month, despite increased liquidity measures by Chinese regulators to calm the market. Some of that has bled over into Apple's shares.
Despite the jitters, however, Ross now recommends that this is a great time to buy.