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.
"The chart looks great—it's quite bullish," technical analyst Rich Ross of Evercore ISI said Thursday on CNBC's "Trading Nation." "The very-well-defined uptrend remains intact."
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.