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Apple’s selloff is a rare time to buy: Technician

Trading the Apple plunge

Apple's post-earnings plunge stunned investors, but according to one technically minded trader, it may have also created a rare chance for others to buy.

"I'm going to try and use this as a buying opportunity along the lower end of this range," Todd Gordon of said Wednesday on CNBC's "Trading Nation."

Gordon noted the selloff should not have been too surprising, given its underperformance relative to the greater market.

"This lack of performance post-earnings is not anything we should be surprised by, because it has not participated in the upside that the NASDAQ has seen," he said.

According to Gordon's chart, Apple has yet to break out of this year's trading range. Meanwhile, the QQQ, the exchange-traded fund that tracks the Nasdaq 100 Index, recently broke above 2015 highs.

Apple shares closed 4.3 percent lower on Wednesday, but the stock has added more than 13 percent year-to-date.

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Gordon said shares will likely stay in this range until the next earnings season, but Apple's upward trend is still intact.

In another chart from Gordon, he points to the stock's consistently positive performance above the 200-day moving average since August 2013.

Andrew Burkly of Oppenheimer also said Apple's sharp dip is nothing to be concerned about.

"If you look at the history of the stock, it's had these starts and fits and consolidations, and right now we're just more in a sideways range than anything else," Burkly said Wednesday.

As Apple cycles through new products, it should continue to gain market share, he said. Burkly also pointed to positive returns, cash flow, valuation and sales growth as good signs for the company.

"We think Apple is definitely a core holding," Burkly said. "We'd be buyers on weakness here."

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