Be excited Apple (AAPL) fanboys, your favorite stock may be about to explode higher.

If bigger is better in the tech sector right now, it shouldn't come as any surprise that the $810 billion market cap Apple is leading the charge. Apple shares are up 34% so far in 2017, contributing a meaningful chunk of the overall market's upside because of its sheer size. But don't worry if you've missed out on Apple's record-breaking rally, its chart is signaling a second leg higher from here.

The price pattern in Apple here is an ascending triangle setup, a bullish continuation pattern that signals more upside ahead. The pattern is formed by a horizontal resistance level above shares -- at $155 in Apple's case -- and up-trending support to the downside. Basically, as Apple has bounced in between those two technically important price levels, shares have been getting squeezed closer and closer to a meaningful breakout through $155. When that happens, we've got a buy signal.

Shares have flirted with prices just above $155 in recent weeks -- like their all-time high at $156.65 -- that's why it's key to wait for a meaningful push through that line in the sand before you jump into this trade.

Source: TheStreet
Source: TheStreet

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

Editor's Pick: Originally published June 5.

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This article is commentary by an independent contributor. At the time of publication, the author was long Apple. 

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