Apple shares have remained relatively quiet over the past four months, trading in a 10 percent range from low to high.
By comparison, Apple shares traded in a 25 percent range in the four months prior, and a 15 percent range in the four months prior to that.
And according to Rich Ross of Evercore ISI, Apple's relative quiescence of late points to further gains for the tech giant.
Apple's run has been "defined by periods of consolidation followed by a surge higher, then another period of consolidation, then yet another surge," said Ross. "I think history is likely to unfold, once again, in that same fashion."
Recently, the stock has been "consolidating here in a tight trading range, for a stock like Apple," Ross continued. "I think we are going to emerge to the upside from that area of consolidation."
Ross predicts that the stock, which closed Tuesday trading at $127, will rise to $150-$154.
On the other hand, Stacey Gilbert of Susquehanna says that options traders appear to believe that the stock will remain "range-bound, at least through August," with the stock slated to stay between $125 and $130.
Yet Ross retorts that "when we break out from that range, I'm sure those same options traders will put on an entirely different set of strategies."
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