Forget the Apple Watch and Worldwide Developers Conference, because one top technician sees some compelling patterns forming in the Apple charts that could propel the stock to new highs.
"Technology has been a rock against a sea of volatility out there and there's no bigger a rock than Apple," technical analyst Rich Ross said Thursday on CNBC's "Trading Nation."
According to Ross, the chart is suggesting another $20 to $26 upside in the stock. "You see the stock has held its 100-day moving average and that's a key line of support. But more importantly we've settled into this bullish continuation pattern called a pennant, or flag," said Ross, head of technical analysis at Evercore ISI. In technical analysis, a pennant is formed when a stock sees a large move higher, consolidates for a period of time, and then continues the initial trend.
From a low in January to its high in April of this year, Apple rallied 28 percent, and since then had settled into this pennant formation. "This tells us that we should continue to the upside from this pattern and I think we could get to $156 on the stock," he added. That's a 17 percent move higher than current levels.
Of course, said Ross, it will have to break above resistance at $133, but nonetheless, he believes Apple is a "great place to hide" against a "backdrop of increased macro volatility."
Of course, not everyone shares the same sentiment as Ross, as strategist Boris Schlossberg contends that as much of an "Apple fan boy" he is, he's "starting to get a little more cautious in the company because I don't think the Apple Watch is as ferociously popular as people thought [it would be]."
According to Schlossberg, head of FX strategy at BK Asset Management, enthusiasm over the company's products could begin to fade, which will inevitably hurt the stock. "I think the kind of growth that investors may have been expectation out of Apple going forward is going to temper a little bit," he added. "I'm much more cautious of Apple than I used to be."
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