This chart says Apple's setting up for a huge move higher

Apple has been on an incredible run, gaining 61 percent in the past 12 months and 20 percent since the year started. The tech giant was higher again on Monday after the company hired the vice president of sales at Tag Heuer, Patrick Pruniaux, ahead of its fall iWatch launch.

As shares approach their split-adjusted all-time high, is it worth biting into Apple's stock?

"Technically, yes, we think it is still a buy, even after the nice run," said Ari Wald, chief technical analysis at Oppenheimer & Co. "We like big caps a lot. We like Apple a lot. And, we like technology."

Wald sees pullbacks in Apple, such as the one in June to the $90 level, as buying opportunities. "But even at current levels, we think it's going higher," Wald said. "It's a buy here."

According to Wald's charts, Apple's price behavior over the past three years is strikingly similar to what occurred between 2007 and 2008. "In December 2007, stock dropped 60% [and] it took 22 months to make a new high," said Wald. "Fast forward to the last two years, the stock dropped 45 percent. More importantly, 22 months later, we're again about to make new highs. It could trade sideways at around $100 [but] we think it breaks out to the upside. Buy Apple."

Marc Lichtenfeld, chief income strategist at The Oxford Club, says Apple is cheap relative to the overall market even as it gets close to its all-time highs.

"It's very inexpensive still," said Lichtenfeld. "It only trades at 13 times forward earnings versus 15 for the S&P 500. So, the stock could still rise 15 percent and just be in line with the market. And, in my opinion, it deserves a premium."

Lichtenfeld believes the expected release of an iWatch as well as an iPhone 6 are catalysts that could drive the stock higher.

"There's a lot of potential there," Lichtenfeld said. "The risk is well worth the reward at these levels."

To see the full discussion on Apple, with Wald on the technicals and Lichtenfeld on the fundamentals, watch the above video.

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