Apple got hit the hardest during the pandemic as people decided not to upgrade their phones and computers, but the expectations for 2021 and 2022 are very strong, so the catch-up trade is quite good, said Sanchez.

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For Microsoft, expectations are even brighter after the pandemic, she said. Even though Apple is cheaper in absolute terms, Microsoft is cheaper relative to its history.

O'Hara said Microsoft is clearly the stronger chart, but he thinks Apple might be a better trade now. He is looking for a catch-up trade and he expects Apple to test its February highs. That would be a move of around 10% in the short-term, said O'Hara.