One former Apple bear is changing his tune on the popular tech stock, due to some potentially telling technical signs.
Todd Gordon of TradingAnalysis.com has previously bet that Apple shares are going down to the $80 level. However, he said the stock has made a technically important turnaround in its recent ability to hold above $95.
"The support shelf around the $95 region has held and it looks like we're going to go up and try to target some resistance levels," he said Monday on CNBC's "Trading Nation."
In the past month, Apple shares have rallied along with the broader market, making up for a particularly rough start to the year for the stock. Shares fell slightly on Monday following a company launch event that introduced a new iPhone model to the market, along with several other product tweaks.
Following the trend line from Apple's all-time high, Gordon is targeting a move to the $111 level, which would be a 5 percent rise from where the stock traded on Monday. In his bet, Gordon is buying the April 109-strike call and selling the 111-strike call, in an options strategy known as a bullish call spread, for a total of about 50 cents per share. Gordon's trade is profitable if Apple rises above $109.50 by April expiration.
If Apple shares break above the resistance level at $111, Gordon said that could signal further gains ahead.
"If we break the $111 [level], we have significantly higher prices in Apple to come up around $117, $118," he said.