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.