For Apple's Stock, This Technical Analyst Sees A Path Toward $180 Per Share

Ahead of Apple Inc. AAPL's new product launch event Tuesday, the case for owning the stock can be made from a technical analysis point of view.

Apple's stock has established a near-term support level of $155 per share, Oppenheimer's head of technical analysis said during a recent CNBC "Trading Nation" segment. As such, the downside case for Apple's stock is roughly $6 per share, but the upside scenario could be as high as $180 per share, which implies a gain of $20 per share.

Going back to the middle of 2014 through early 2017, Apple's stock has been stuck in a range of around $90 per share and $135 per share, Ari Wald explained. But when Apple's stock managed to trade above this $45 spread the pattern may repeat itself, hence the $180 per share outlook.

Of course, Apple's stock is benefiting from the overall market strength, Wald continued. From a macro perspective, the technical analysis tools are "bullish for stocks," especially large-cap technology names.

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Apple As A Growth Stock?

Despite Apple's stock trading near its all-time highs and boasting a market cap north of $800 billion, there is still room for growth to be found in Apple's stock, Chad Morganlander of Washington Crossing Advisors also explained during the "Trading Nation" segment.

Apple's current valuation "makes sense" given expectations of a 4 to 6 percent growth in revenue next year to around $240 billion he continued. While this is encouraging heading into 2018 the fact is Apple needs to gain market share especially in emerging markets for the stock to continue outperforming in the coming years.

"We think Apple will outperform for the next three months but we wouldn't go overweight or add to a position if you do have an existing position," Morganlander concluded.

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