Apple has dominated investment headlines this week after the stock broke below its 200-day moving average and shaved another 7% off this year's gains. This bout of selling has led most pundits to issue warnings about further weakness ahead and how Apple will drag the broader market down with it. Despite the current bearish sentiment, there are a number of reasons why ignoring these warnings and using this pullback as an opportunity to buy Apple could be very profitable. When I suggested buying Apple back in January, the general consensus about the stock's outlook was similar to what we've heard recently. The majority of media was not focused on the potential upside, but instead how much lower AppleAAPL, +0.34% was going to drop. This pessimism turned out to be costly, since the stock then turned around and rallied almost 30%, coming just cents shy of the 135 target that I stated in my column. Will this time be different? Based on my technical analysis, I believe the answer is no, and the current pullback is setting up another run to record highs early next year. This will remain my expectation as long as Apple stays above support at 105. Assuming that it does, the stock should target 143-157 before putting in a much more significant top. The ideal region for a bottom is between 110-105, before Apple turns back up and starts the next rally phase; however, any break back above the 200-day moving average would signal that a bottom is already in place. View the charts linked at the bottom of this column for a more detailed path. From a fundamental perspective, Apple is still cheap by any measure. With a P/E ratio less than 86% of stocks in the S&P 500 and a cash reserve bigger than the GDP of Greece, it's hard to view Apple's metrics as bearish. After the recent earnings announcement that sparked this pullback, most seem to be focused on the sluggish roll-out of the Apple Watch and problems with Apple Music, ignoring the year-over-year revenue growth of 33% and EPS growth of 45%. These distractions will likely be temporary. Overall, I do not believe that it is the right time to get bearish on Apple. Despite breaking its 200-day moving average, many other technical factors support that this dip will be bought. With solid fundamentals also in alignment, investors should be looking at this pullback as an opportunity to buy, not sell. MarketWatch