Talking Numbers

This chart explains why Apple’s at a critical level

Chart explains why Apple's at a critical level

Reviews of Apple's new iPhones are in and critics are overwhelmingly thrilled. Now investors are hoping the stock rides the wave.

Among the many singing praises of iPhone 6 and iPhone 6 Plus is Re/code's Walter Mossberg. "I've been testing the more mainstream of the two models, the 4.7-inch iPhone 6, for about a week now, and I think it's a terrific phone,"Mossbergwrites. "In my view, it's the best smartphone on the market, when you combine its hardware, all-new operating system, and the Apple ecosystem whose doors it opens." [Re/code is a CNBC partner site.]

(Read: iPhone 6 Review: It's a Winner)

IPhones already make up about half of Apple's total revenue. But will Apple's stock, which has rallied about 10 percent in the last three months ahead of last week's release, get a further boost as the latest iPhones hit the market?

David Seaburg, head of equity sales trading at Cowen and Company, thinks the new iPhone's real impact will be seen with Apple Pay, the electronic payment system that will be included with the phone.

"Apple is really going to be the hardware of choice when it comes down to the mobile payments side," Seaburgsaid. "There's such a comfort around security with Apple…. These phones in particular are going to really facilitate a big uptick in mobile payments and it's going to really benefit Apple through hardware sales over the longer term."

Those looking to trade Apple's stock should keep an eye on two price levels before making a big move, according to Richard Ross, global technical strategist at Auerbach Grayson.

(Watch: Why I'd invest in Google over Apple: Peter Thiel)

Looking at a year-to-date chart of Apple, Ross sees what could be a double top as having formed over the last month around $103 per share. But while that could be considered a bearish formation, such may not be the case here.

"When you see a double top, they tend to be more nefarious… as the distance between the two peaks gets larger," said Ross, a "Talking Numbers" contributor. "Here, they're so close together, it could just be a trading range."

That could mean the $103 level is merely resistance. Should that be the case, "you want to be a better buyer on a breakout above that level," Ross recommends.

But if it is a bearish double top, then technical analysts would say there's likely a neckline. Ross sees that level at $98, roughly where its 50-day moving average is currently located.

"Any break below that $98 level could really open you up for some real weakness," Rosssaid. "We could see perhaps a 10 percent correction down to that $90, well within the context of historical norms."

While the stock could break lower, it could also be pausing just before a move higher, said Ross. "Let's see how it unfolds," he said. "Watch those key levels for either a break out above $103 or a break down below $98 to give you a higher conviction, buy or sell signal respectively."

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

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