Apple is going back to old highs: Technician

When it comes to trading tech stocks lately, an Apple a day has kept the buyers away.

Shares of the tech darling have fallen sharply in recent months, down nearly 20 percent from their late April high of around $134. But as the company is expected to release a new product cycle at an event on Sept. 9, one Apple bull is urging investors to use the selloff as a buying opportunity.

"This is a stock that I've liked and I continue to like despite the recent declines," technical analyst Rich Ross said Thursday on CNBC's "Trading Nation."

Read MoreApple, Goldman among Dow's best values after rout

In mid-July, when Apple shares were trading just under $130, Ross called for the stock to rally as high as $160. After his call, the company's shares topped out around $132 and moved into a precipitous decline, finding a bottom at $92 roughly two weeks ago. "The stock overshot on this big flash crash that we had [Aug. 24]," added Ross. "This is an exaggerated move—like a bolt of lightning."

Ross compared the recent 30 percent decline from peak to trough to the one seen in late 2012 into early 2013. "The stock fell 40 plus percent during that time and that ultimately provided the best buying opportunity of the last 10 years in the stock," said Evercore ISI's head of technical analysis.

This time around Ross believes the stock could retest its key 200-day moving average that comes in around $120 and ultimately surpass its old high. That's a respective 9 and 20 percent move from current levels. Apple was around $110 in late-day trading Thursday.

Read More Apple has 'really tough' year ahead: Analyst

Wall Street seems to be on board with Ross' call—of the 49 analysts who cover the stock, the average price target is $144.50 with an "overweight" rating, according to FactSet.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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