Apple just hit $1 trillion market cap, a never-before-seen milestone for a U.S. publicly traded company.
As the stock sits at those records, the rally could be putting Apple on its well-worn path leading to a pullback, says Frank Cappelleri, chief market technician at Nomura Instinet.
"I'm long-term bullish on Apple, but I think no matter what time frame you're looking at, you realize it's not a straight shot higher," Cappelleri told CNBC's "Trading Nation" on Wednesday, a day before Apple crossed the milestone.
Since April 2017, Apple has enjoyed a number rallies averaging an advance of 15 percent.
"After each advance, we see declines. All of these together average about 10 percent to the downside," said Cappelleri.
Apple's current rally stretches from its June low when it bottomed at just below $181. Since then, it has rallied just over 14 percent, shy the 15 percent average advance over the past 16 months.
"I can see this maybe going a touch higher to maintain the average but again I would not be surprised at all if you see another pullback which could ultimately be a buying opportunity," said Cappelleri.
Even with a pullback, Apple is a must-own, given its long-term fundamentals, says Boris Schlossberg, managing director of FX strategy at BK Asset Management.
"Think of Apple as an iOS ecosystem with very, very sticky customers," Schlossberg said on Wednesday's "Trading Nation." "People pretty much once they become an Apple customer stay a lifetime member, and the company is really starting to benefit from that."
Its software and services segment only makes up a relatively small 13 percent of total revenue, but is rapidly growing. Over the past four fiscal years, the segment has averaged 17 percent sales growth.
"The fact that it's going to have this ecosystem continuously providing revenue for it you have to be a buyer of Apple at this point," Schlossberg added.
Overall revenue reached a record for its June quarter, Apple reported Tuesday evening. The company anticipates 14 to 16 percent sales growth for its fiscal fourth quarter.