After a stunning post-earnings slide that brought Apple shares to their lowest level in nearly two years, the stock has jumped some 10 percent. And according to one technical analyst, the stock's gains are set to accelerate from here.
To get a sense for what the future will bring, Rich Ross of Evercore ISI looks to the past.
Back in 2013, "we had a 40 percent decline that held the 200-week" moving average, before "we put in that nice double-bottom base of support, and we had a fantastic rally off the 200-week," Ross said Wednesday on CNBC's "Power Lunch."
"Fast forward to today, [there is a] 33 percent decline [and a] double bottom on the 200-week moving average. I think you could be set up for a similar type surge."
The shorter-term chart looks bullish as well, according to Ross. He points to a "false breakdown" below an important level of support. In the days ahead, Apple could be primed to rise to its 200-day moving average at around $107, he posited.
From a fundamental perspective, Manhattan Venture Partners chief economist Max Wolff thinks that Apple is a worthy investment.
"I think the super-growth period is over because they really got a huge kick up [and] it's going to be hard to get the bounce again," he said Wednesday. "That being said, it's oversold, it's still a great company and it's still a cash machine. It's not as exciting as it used to be and maybe the free press and adulation is over, but at this price," it presents a compelling value.
On Wednesday, Apple logged its fourth straight winning session, and the stock had a substantial positive impact on the Nasdaq 100 index. Still, the stock has lost a quarter of its value over the past year.