Rich Ross Sees A Path To $180 For Apple

Apple Inc. (NASDAQ: AAPL) investors are certainly enjoying the stock's start to 2017, given a more than 30 percent gain. But investors looking to cash in on their returns may want to consider what Evercore ISI's Rich Ross has to say first.

Ross, head of Evercore's technical analysis, explained during a recent CNBC "Trading Nation" segment that he sees a path for Apple's stock to rise to $180 per share based on a yearlong daily chart which paints a "picture of strength." Specifically, Apple's stock hasn't touched its 50-day moving average since December and this fact alone indicates shares are "quite strong," Ross explained.

Switching over to the weekly charts, Apple's stock has built a rounded multiyear base of support after a decline that tested its 200-week moving average. This large "bullish base breakout" implies the stock has upside to at least $180.

Needless to say the path to $180 per share won't be in a straight line, he added. But it doesn't have to be as Apple is an ideal stock to buy and hold -- and buy more on any dips.

"The stock goes to $180 and I have strong conviction on that move," he emphasized.

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