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Apple preview: What investors and traders expect on Monday

Apple's stock, since hitting a low in June of $388, has surged about 40 percent. Investors could have a better sense of where the stock heads from here after Apple reports results on Monday after the close.

Analysts covering Apple are bullish with an average price target of $607—meaning, they believe the stock will rise another 9 percent.

On Monday, the Street expects Apple to report fiscal first-quarter EPS of $14.09 on revenue of $57.5 billion—up 2 and 5 percent respectively, year over year.

(Read more: Chart of the Day: From $400K Macs to $23K iPods)

The iPhone accounts for about 50 percent of Apple's total revenue. Analysts think iPhone sales for the quarter will total $33.5 billion, a 9 percent jump year over year. Those results won't reflect its distribution deal with China Mobile, but will include sales of its new flagship 5S.

The iPad is Apple's second-biggest source of revenue, accounting for about 20 percent of total sales. the iPad Air started to ship on Nov. 1 while the new iPad Mini with retina display shipped 11 days later. Analysts expect total iPad sales of $11.6 billion, which would represent year-over-year growth of 9 percent.

(Read more: Samsung earnings shock—problems brewing?)

Finally, investors will have a better sense of how Apple's PC business is performing. Analysts predict Mac sales totaled $5.7 billion, an increase of 3 percent from the year-ago period.

Mark Newton of Greywolf provides a technical take for traders. He says Apple maintains a decent technical structure and looks likely to push higher. In terms of levels he is watching, Newton says support is at $530 while resistance is at $561. If the stock moves past $572, Newton says, then it's a straight shot to $600.

—By CNBC's Josh Lipton.

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