Apple Inc. (NASDAQ:AAPL) stock could fly high over the next couple of years, carried by momentum despite recent reports indicating that momentum stocks have hit the skids and that 2016 just hasn’t been good to them, at least according to one stock chart technician. So far this morning, Apple Inc. (NASDAQ:AAPL) stock is bouncing around. As of this writing, shares are up 0.05% at $105.85.

apple stock

Stock chart via Google Finance

AAPL stock on the cusp of a rally?

Dragonfly Capital Founder and President Greg Harmon told CNBC‘s Trading Nation on Wednesday that he sees Apple stock heading to $114 over the next three or four weeks. However, he said a key risk to this prediction would be if the iPhone maker’s shares tumble back under $100. In the long term, he sees the potential for shares to stage a move up to $170 by the end of next year.

Apple’s current record high is $134.54, which it set in April 2015. Since then, the company’s shares have tumbled by almost 22%.

Classic bullish signals for Apple (AAPL) stock

Harmon said the reason he’s making these predictions is because he sees two patterns emerging on the Apple stock chart. The first is a “cup and handle” pattern, is a classic technical bullish signal. It assumes that the stock will form a “u” shape on its chart, which of course would be the cup, and then fall back by a smaller amount, forming what looks like a handle for the cup. Finally, the pattern suggests that the stock would then rally big-time.

The other pattern he sees is an AB=CD pattern, which Harmon cites as the reason for his believe that Apple stock will eventually move to $170 per share. This pattern is a long-term pattern that suggests long-term moves in a stock price are trending toward a repeat. The technician explained that an “upswing in momentum” supports this part of his thesis as the stock has “bounced off its 200-week moving average,” which he said began running up in July 2013. He believes the setup now looks similar to what it looked like then.

Is Apple a value stock or a momentum stock?

We should point out that investors have shunned momentum stocks so far this year. It’s anyone’s guess whether this will change though, and Apple Inc. (NASDAQ:AAPL) could end up being an exception, particularly because investors have begun to look at it more as a value stock than as a momentum stock.

Of course this would mean that investors view Apple Inc. (NASDAQ:AAPL) as undervalued rather than as a stock that should be carried along by momentum.