Apple just hit an all-time high, putting it another step closer to a $1 trillion market cap. One technical analyst says an even bigger breakout may be coming.

"We recommend sticking with Apple," Ari Wald, head of technical analysis at Oppenheimer, told CNBC's "Trading Nation" on Monday. "Overall, we think the evidence supports a buy rating."

Apple shares rallied through March resistance levels to reach a new cycle high, Wald's first bullish technical signal. A record high in mid-March presented a level of resistance for Apple shares through April before a positive earnings report in early May triggered a new rally to highs. That signals "relative strength in a difficult market tape," said Wald.

A bullish pennant pattern through May also suggests a larger breakout ahead, said Wald. A pennant pattern represents a period of consolidation after a big move higher and implies a pause before the upward move resumes.

Broader industry trends should also provide a boost to Apple, Wald says.

"Shares are also supported by top-down tailwinds from a relatively strong technology sector, and macro trends that support growth investing," he said. The "flattening yield curve, specifically, should be bullish for growth stocks."

Gina Sanchez, CEO of Chantico Global, says her positive view on Apple lies in its longtime hold as industry leader. Apple has proven flexible in innovating as a multibillion-dollar company against its smaller, more adaptable tech companies, she says.

"Its best-in-breed reputation makes it a company worth owning in the long run, even as it continues to mature, and it is hard to imagine what comes next after the iPhone X. As the market is revising its view on forward growth, tried and true companies like Apple should perform well," Sanchez told "Trading Nation" on Monday.

She said Apple investors should hold onto the stock as it faces a period of multiple contraction. The company trades at 15 times forward earnings, slightly below the 's 16 times multiple.

Apple shares are the seventh best performers on the Dow this year. The world's largest company by market cap is up 13 percent for 2018 and has increased 23 percent over the past 12 months. Apple is already up 2.7 percent in the first two trading days of June.