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The Apple rally will continue, and here’s how I plan to cash in: Trader


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Apple hit a fresh all-time high Wednesday, and one chart-minded trader says that more record levels are ahead for the tech giant.

Looking back to mid-2015, Gordon points to a "triple top" pattern that formed at around $135, the last time Apple was at record highs. The company's recent run has since seen the stock break through that $135 mark, leading Gordon to deem the level that previously served as resistance as the "support" level for another rally.

"This is going to be our launch pad for the next move up," the trader said Wednesday on CNBC's "Trading Nation." "So we have a very tight, defined trade setup."

Gordon predicts Apple could even hit $150, which would represent a rise of about 7 percent from its Wednesday levels.

To play for another Apple rally, Gordon wants to buy the April monthly 140-strike calls and sell the April monthly 145-strike calls for a total cost of $1.30 per share.

If Apple manages to close at or above $145 on the trade's April 21st expiration, Gordon would make a maximum reward of $3.70 per share. But in order for Gordon to break even on the trade, the tech giant would only need to close at $141.30.

Apple is up more than 20 percent year to date, making it the best performer in the Dow Jones industrial average.