logo

Here's what's so great about Apple's chart: Technician

VIDEO1:2901:29
Here's what's so great about Apple's chart: Technician

All eyes are on Tuesday as the tech giant gears up to report its fiscal 2015 third-quarter earnings after the closing bell.

Shares of the world's largest company by market cap have already rallied nearly 20 percent year-to-date, but according to one technician strong results could push the stock to new highs in the near future.

"I think Apple could trade $144 a share," said Tuesday on CNBC's "Trading Nation." That's a nearly 10 percent rally from the stock's current price of just under $131 a share.

Read More

"The key feature of Apple's chart all year is this very well-defined trading range with $133 serving as resistance and $122 as support," said Ross, head of technical analysis at Evercore ISI. "We tested that support in addition to the stock's 200-day moving average [earlier this month], but since then we've ripped 10 percent higher to the top end of the range."

And by Ross' chart work, that rally has created a v-shaped reversal in the chart, which in his eyes has signaled a bottom. "I think Apple breaks out of this range and moves higher from here."

To get to his measured upside target of $144, Ross used simple math. "We see this is $11 range from $122 to $133," said Ross. "We project the $11 onto $133 and that gets us to $144."

Ross, a long-time Apple bull has been calling for the stock to rally to this $144 for , but he is just as convinced as ever that we could see the stock at new highs.

Wall Street is expecting the company to report earnings per share of $1.81, up from $1.28 a year ago, on $49.3 billion in revenue, according to FactSet.

Want to be a part of the Trading Nation? If you'd like to call in to our live Monday show, email your name, number and a question to TradingNation@cnbc.com