Apple could hit new highs very soon, technical analyst Todd Gordon said ahead of the tech giant's earnings report, which is coming after Monday's closing bell.
On CNBC's "Trading Nation," Gordon Friday said he sees Apple well above $140 a share. Midday Monday, it was trading at $132.72.
"Apple has been in a beautiful uptrend for the past year," he said. Shares of the tech giant are up more than 60 percent in the past 12 months and sitting just a hair away from an all-time high. "I see the potential for some nice upside."
Looking at a one-year chart of Apple, Gordon pointed out that the stock has moved in a series of consolidation periods.
"Markets generally don't trade in a straight line," said Gordon, noting that Apple is no exception. "You can see the stock tends to take three steps forward, followed by two steps back. And the great news is, we just completed that two steps back."
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