Former Apple bear says it’s time to buy

One former Apple bear is changing his tune on the popular tech stock, due to some potentially telling technical signs.

Todd Gordon of 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.

Read MoreApple unveils 9.7-inch iPad Pro, 4-inch iPhone SE

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.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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