Apple just entered a bear market, but it could be your best chance to buy

The bears have devoured the Apple trade this week.

Its stock tumbled into a bear market on Wednesday, territory marked by a decline of at least 20 percent from 52-week highs. Since its record high on Oct. 3, Apple has shed $213 billion in market cap.

Those losses have also pushed it below the long-term trend line represented by its 200-day moving average.

Bill Baruch, president of Blue Line Futures, isn't sweating the Apple sell-off.

"I'm actually not too concerned it's below the 200-day moving average. Look back at February, look back at April. It was below there for six and seven sessions so I think it can pingpong around a little bit," Baruch said Wednesday on CNBC's "Trading Nation."

Apple shares are now 3 percent below the 200-day moving average, a level it broke on Tuesday.

"I do see a tremendous amount of support down at $182," Baruch said. "If we can get back above that 200-day moving average, remain constructive on that path, I think $204 to $207 could be in the cards here over the next month."

A move back to $207, a level seen only a week ago, represents 10 percent upside. That rally would pull Apple shares out of a bear market. However, it would remain 11 percent lower than the record, keeping it in a correction.

Apple's sharp sell-off has presented a buying opportunity for investors, said Michael Bapis, managing director of Vios Advisors at Rockefeller Capital Management.

"I think it's at a big discount. This panic and craze is unjustified," Bapis told "Trading Nation" on Wednesday.

Look at its year-to-date performance as an example, Bapis said. The stock has risen more than 10 percent in 2018, far better than the S&P 500's gain of less than 2 percent.

"If we shift to fundamentals, millennials want it, teenagers want it, adults want it, and they're all talking about the next iPhone, the next product, the next Apple experience," added Bapis. "It's trading at 14 times earnings with a small dividend yield and still dominating the market, we're long this stock for the foreseeable future."

Wednesday marked Apple's fifth straight losing session, a streak not seen since April.

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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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