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Suddenly McDonald's & Wendy's may have new competition

McDonald's has the "McRib." Wendy's has the "Pretzel Bun." And now Burger King has the "Black Burger."

Burger King in Japan is taking charbroiled quite literally this fall, launching the 'Kuro Burger' ("kuro" means black in Japanese") on Sept. 19. The specialty menu item, which was first introduced in 2012, will be available for a limited time and features a black bun, charcoal cheese and black sauce.

(Read MoreBurger King's black burger)

Burger aside, investors have had quite the appetite for Burger King shares lately. The stock has rallied more than 17 percent in the past 30 days, outperforming rivals McDonald's and Wendy's.

So if the Black Burger can make its way stateside, could the new menu item push shares even higher?

"This is definitely an interesting and innovative concept," said Chantico Global's Gina Sanchez.

(Read MoreMcBrunch? McDonald's sets the record straight)

But Sanchez doesn't see the new menu item as giving Burger King much of an edge on its fast-food counterparts. "I think what's happening with Burger King has less to do with what's happening in Japan, but more with what's happening in Canada," she said, referring to the Warren Buffett backed deal for Burger King to acquire Canada-based doughnut chain Tim Horton's. "[The deal] opens up more competition between Burger King and McDonald's," Sanchez added. "That's the real interesting play and the big reason shares have been up recently. It's very compelling."

According to Piper Jaffray's Craig Johnson, the charts reflect the bullish fundamentals.

"We have been making a nice series of higher highs and lower lows. So, clearly investors understand there are some positive things happen here," Johnson said.

Johnson pointed out some technical symmetry in the Burger Kings charts. "The stock tends to have a nice move up and then digest sideways for a while. Then build a base and then make another strong move up," he added. "I think the most recent gap up is a bullish set up. The charts look great."

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