The Nasdaq Composite Index hit record highs this week, despite the relatively muted performance of late from one notable tech giant.
Shares of Apple have taken a pause from the rapid ascension that has come to characterize the stock's past runs. According to one top technician, however, Apple's sideways trading is actually setting the stage for what could be a move to unprecedented levels.
"I think Apple is set up to start making new highs again," Oppenheimer's head of technical analysis Ari Wald told CNBC on Friday.
Apple, which reports third quarter earnings on Tuesday, has become "uncommonly stable" over the last few months, according to an analysis by Bespoke Investment Group.
In the last 100 trading days, Apple's stock has traded in a range of less than 11 percent, the report said, which amounts to the smallest range in 15 years.
According to Wald, the 15-year low in Apple's volatility is reminiscent of another period when Apple's stock was stuck in a range —right before a major breakout.
"We see similarities to 2010, when the stock traded sideways before an inflection from its smoothed uptrend reinvigorated the advance," Wald said.