Apple's Chart Remains Bullish, Pro Explains

The narrative surrounding Apple Inc. AAPL has certainly changed.

Starting in the bottom half of 2015 the debate among investors and analysts was if Apple's stock could trade at new all-time highs. But now the question has shifted to when will Apple's stock trade at new all-time highs.

That when occurred on Tuesday when the stock traded above its prior intraday high of $134.54 which was set back in April 2014.

Not Done Yet

Erin Gibbs of S&P Global told CNBC's "Trading Nation" that her conviction that Apple's stock was undervalued has played out. She added that Apple's stock is now trading closer to its fair value but there is still room to run.

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Gibbs also pointed out that Apple's stock also remains around 5 percent below Wall Street's consensus price target.

Ari Wald of Oppenheimer offered a technical look at the stock. Also speaking as a guest on "Trading Nation," he noted that Apple's chart looks bullish and there is room for a "sustainable breakout" and investors should still be buyers.

Specifically, Wald highlighted the rising 200-day moving average while the chart also shows a "striking similarity" to prior trends when Apple's stock gained.

He explained:

"Another reason why we think it goes higher is just the similarities to how this stock traded back in the second half of 2013, into 2014; that after a year of decline, you can see in that prior period, that the 200-day started to push higher, pull back to that 200-day, great buying opportunities, and then that final inflection which really marked the sustainable turn. We're seeing very similar price action."