Never mind the iWatch, because Apple is setting its sights on a much bigger target: your entire home.
According to several published reports, Apple is looking to shake things up next week at the Worldwide Developer Conference in San Francisco. The buzz is that Apple isn't going after wearable technology so much as it wants to dominate livable technology.
By creating a platform that uses the iPhone to control everything in the home, Apple hopes to boost sales in the product that now accounts for more than half of its $175 billion in annual revenue along the way.
(Watch: Apple stock getting its mojo back)
Of course, this isn't new technology. Rivals Google and Samsung are already in the sandbox. But, Apple has successfully jumped into pre-existing business before. Smartphones, tabletsand MP3 players were all on the market before Apple arrived to become a dominant player in each product line.
But can they repeat the same success, and what does it mean for the stock?
Gina Sanchez, founder of Chantico Global, doesn't think this new market is much to get excited about. She notes that the entire home automation market is estimated to be a $16 billion industry in the next five years. To put that in perspective, that's roughly what Apple makes on iTunes alone.
"There is a lot of competition for what is arguably a small market," said Sanchez, a CNBC contributor. "But I think the general move that Apple is going for is to take over everything. I think that's the right move for them."
(Watch: Power Rundown: The iHome)
Also making a right move for Apple is its stock, based on the charts of Richard Ross, global technical strategist at Auerbach Grayson. Beginning in September, Apple's stock has formed a coil pattern, according Ross' chart of the stock.
"The volatility [was] really being squeezed out of the stock," said Ross, a "Talking Numbers" contributor. "When we exploded out of that coil, we released all of that stored energy. That had enough inertia to continue to carry us where we are today."
Ross said the height of the coil – $127 – also gives a clue to Apple's price target.
"We project the height of the pattern from the breakout, which is right around $530," Ross explained. "We tack on that $127. It brings us up to $657 to $660. I think Apple can get there. It's not too far from current levels."
With the NASDAQ resurging and Apple now having new products in the pipeline, there's "a lot to like to like about Apple here," Ross added.
To see the full discussion on Apple, with Sanchez on the fundamentals and Ross on the technicals, watch the above video.