Lately, Apple Inc.’s (NASDAQ:AAPL) stock performance has struggled amid a tug of war between the bulls and the bears, with recent momentum clearly sweeping towards the latter. According to Jonathan Krinsky, technical analyst of MKM Partners, this has been a clash marked by lower lows and lower highs, forming a pattern that Krinsky calls a “falling channel.”

Resistance level becomes a support level

Krinsky, however, notes that the stock, rising 10% in the past month, has recently climbed to the top of this channel, with Krinsky anticipating potential for AAPL to surge beyond that. The analyst attributes his confidence in this new upward momentum to a concept Krinsky highlights as the $90 level. The $90 level narrative first took full swing back in April 2012, when AAPL stock topped out at $92, which Krinsky points out was actually 644 at that time prior to the tech giant’s 7-to-1 stock split. The stock remained at that level until mid-2014.

After noting these dips were frequently capped at $90 in 2015 and 2016, it occurred to Krinsky that once a level of resistance has now evolved into a level of support. Apple is prepared to either break under its significant support level of $90, or swell up and subsequently out of its plunging channel. Krinsky, who believes odds lie in favor of the latter, expects the stock to hit up to $125 or $130.

In conversation with CNBC‘s “Trading Nation,” the analyst said, “We’d be a buyer of Apple – as long as it’s above $90.”

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Hedge funds dumping Apple

Additionally, hedge funds reduced their positions in Apple to the lowest level yet, consequently dumping billions of dollars’ worth of stock during the second-quarter, according to data collected by S&P Global Market Intelligence. S&P Global Market Intelligence found that top hedge funds dumped $5.3 billion worth of Apple stock.

Barron’s reported that the hedge funds unloaded $6.3 billion worth of shares of tech-based companies. This indicates that Apple’s stock sales contributed to 84% of the net selloffs within the tech sector. Apple’s stock rallied in a major way recently, so the reaction of top hedge funds running for the hills might come across as somewhat odd. However, according to S&P analysts, the hedge funds disposed of Apple shares with the intent to secure those profits for their investors.

On Tuesday, Apple shares closed up 0.31% at $108.85. Year to date, the stock is up over 1%, while in the last year, it has risen almost 3%. The stock has had a 52-week high of $123.82 and a 52-week low of $89.47.