The Apple magic appears to be back. Over the past five sessions, the tech giant has risen 7 percent. And according to one technician, there's a lot more upside ahead.
In the short term, Ross expects Apple to rise to $144, and he believes the stock could ultimately reach $160. If Ross' call plays out, Apple would easily surpass its all-time high of $134. It closed Thursday at $128.51.
For the technician, the latest good sign came last week, as Apple reversed its losses in what Ross calls a "bullish hammer." This means the stock fell significantly over the course of the week, but rallied back from the lows, as illustrated on Ross' weekly chart.
"This is how Apple moves," Ross said. "We see periods of sideways consolidation, punctuated by very sharp advances coming out of that pattern."
Gina Sanchez of Chantico Global said Apple's biggest risk is losing business in the iPhone, the company's paragon product. Analysts such as Tao Wang of UBS and Sherri Scribner of Deutsche Bank have expressed concern over the impact of a slowing Chinese economy on Apple's sales.
However, Sanchez said there could be some other big earnings drivers in the company's pipeline.
"We're a little early to know just how sticky this Apple Watch trend is going to be. But something I have seen recently is the resurrection of the iPod," she said Thursday.
On Wednesday, Apple updated the iPod Touch with improved graphics, Wi-Fi connectivity and a camera, as well as a new line of colors for all its iPod products.
Sanchez said Apple is trying to bring back iPod popularity by turning the gadgets, which have faltered in sales year over year, into "prephones for preteens." If the efforts are successful, iPods could do even better than the company's smartwatch.
"That market is much, much larger than the Apple Watch market," she said.
Apple is set to report earnings on Tuesday.
"People are pretty excited about what's going to be reported for the June quarter," which could be behind the stock's recent rise, Pacific Crest Securities' Andy Hargreaves said Thursday on CNBC's "Power Lunch."
If it does hit an all-time high on earnings, Apple won't be alone. On Thursday, Netflix surged to an all-time high after reporting. And Google soared in late Thursday trading after releasing its numbers.
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