Tech stocks have bounced back from their post-election slump, and one technical analyst says the good times are just getting started for one name in particular: Apple.
After initially lagging the broader market, the Nasdaq Composite has surpassed the since November 8, up 4 percent while the S&P is up 3 percent. Recent rallies from big tech names such as Amazon, Facebook, Alphabet and Microsoft have all helped propel the index to record highs — but it's the biggest of them all, Apple, that Cornerstone Macro's Carter Worth says could continue to lead the charge.
"To me, this looks like [Apple is] going to move higher," Worth said Friday on CNBC's "Options Action."
Analyzing Apple's chart, Worth noted some key technical levels to consider. He pointed out that Apple's absolute low from about six months ago was at $89.50, whereas the absolute high of about two weeks ago was $118.50 — a $29 move. The recent low after the election fell at $104. "That's exactly $14.50 — $14.50 is half of $29. So that is a 50 percent retracement. It's not random that it stopped exactly there and bounced back," Worth explained.
A $14.50 move from the current stock price of about $111.60 would put Apple within spitting distance of its all-time high hit back in April 2015.
"I'm going to make the bet that the bounce is going to continue. I'm going to be long Apple," he said.
Apple was up more than 1 percent during Monday's session.