Apple at 'inflection' point, poised for double digit rally to new highs: Technician

Shares of Apple have taken a pause from the rapid ascension that has come to characterize the stock's past runs. According to one top technician, however, Apple's sideways trading is actually setting the stage for what could be a move to unprecedented levels.

"I think Apple is set up to start making new highs again," Oppenheimer's head of technical analysis Ari Wald told CNBC on Friday.

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Apple, which reports third quarter earnings on Tuesday, has become "uncommonly stable" over the last few months, according to an analysis by Bespoke Investment Group.

In the last 100 trading days, Apple's stock has traded in a range of less than 11 percent, the report said, which amounts to the smallest range in 15 years.

According to Wald, the 15-year low in Apple's volatility is reminiscent of another period when Apple's stock was stuck in a range —right before a major breakout.

"We see similarities to 2010, when the stock traded sideways before an inflection from its smoothed uptrend reinvigorated the advance," Wald said.

Oppenheimer's Wald isn't the only one who thinks the tech giant is poised for a big run to the upside.

"The chart looks great—it's quite bullish," technical analyst Rich Ross of Evercore ISI said this week on CNBC's "Trading Nation." "The very-well-defined uptrend remains intact."

After a prolonged period of range-bound trading in 2010, Apple climbed nearly 200 percent before peaking in late 2012.

As for how high Apple could climb in the near term, Wald said the stock could be poised for a breakout to $145 per share; a move higher of around 12 percent from current levels.