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Tech stocks are hot as a pistol again. And Apple Inc. (NASDAQ:AAPL) is leading the charge with a moonshot to record highs.

At least, that was the tale of the past two weeks. In recent days, cooler heads have prevailed for AAPL stock lovers as profit-taking has taken root and overbought conditions have eased. But don’t bet on a big dip. The weakness will be temporary.

And, as with other retreats, opportunity lurks when the bears come to play.

Retracements return prices to support levels, thereby creating lower-risk entry points for would-be buyers.

Let’s look at the potential floors that could halt AAPL’s current retreat.

Since the king of all i-things rallied so far off its pivot low ($161), the first few thresholds it will encounter if this dip keeps dipping are old resistance zones.

And, if the principle of polarity holds true, these are liable to morph into support.

First up is $183.50, which was Apple’s previous peak. For the breakout to remain pure, remaining above the old ceiling is a must.

Source: OptionsAnalytix

And yet, with the stock having pole-vaulted almost $30 higher on its last upswing, it’s hard to be mad if it ends up pulling back more than $7 because that would still be a shallow retracement.

If $183.50 gives way, then $179 marks the next potential buy zone. That, too, is an old pivot high just waiting to change its stripes.

Regardless of its ultimate turning point, you should be viewing this descent opportunistically.

The AAPL Stock Trade
To provide ample room for AAPL stock to flounder before buyers rush in, I like selling bull put spreads here. If you’re willing to bet we remain above $175 for the next two months, then sell the July $175/$170 put spread for around 75 cents.

The max gain of 75 cents will be captured if the puts expire out-of-the-money. The max loss is $4.25 and will be forfeited if AAPL sits below $170 at expiration.

— Tyler Craig

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Source: Investor Place