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Apple shares are about to take $100: Top chartist

Apple to hit $100?

After a blistering two-month rally, shares of Apple are closing in on the all-time high they set in September of 2012. And because Apple just split its shares 7-for-1, that much-watched level is not $705, but the easily remembered $100 (or roughly $705 divided by 7).

The good news for impatient investors is that according to Carter Worth, the chief market technician at Sterne Agee, that level will be breached in the near future.

Read MoreApple shares remain cheap, pro says

First of all, despite the stock's rally of some 25 percent over the last two months, Apple has been badly underperforming the SPDR Technology ETF (XLK), of which it is by far the highest-weighted component.

What's notable to Worth is that while Apple has lagged, it has not become more of a laggard.

Taking the same chart of the Technology ETF versus Apple, Worth makes this point clear by setting the (XLK) as a straight line.

"What's important here is, we've held the low, and now we look as though we're going to complete this formation and make it back to parity, if you will," Worth said on Friday's "Options Action."

Finally, on the chart of Apple alone, Worth shows how Apple has been creeping back toward that $100 level.

"We know that the stock has just jumped from $75 to $95, a little bit of a back-off, but ultimately the conclusion should be a perfectly symmetrical move back to the high," he said. "So we think you do get to parity at $100."

Read More What the Apple split means for your Apple options

Of course, perhaps it is when the stock gets to that level that the problems will start.

"I take a look at this, and I see a potential point of resistance right there," said Michael Khouw, primary strategist at Dash Financial. "This a level where everyone's starting to wonder whether the law of large numbers is going to begin to apply to Apple here, and we have to start thinking about that again."

Indeed, Apple investors probably need not be reminded that after the stock took $705 (now $101 on a split-adjusted basis), the stock went on to lose nearly half its value in seven months' time.

—By CNBC's Alex Rosenberg.

Follow the show on Twitter: @CNBCOptions.