Netflix is at record highs with investors eagerly waiting to hear if the stock will split. But according to one top technician, the stock's chart is already showing signs that more upside may be ahead.
The company has its annual meeting Tuesday, where it is expected to announce a stock split. Shares of the streaming video juggernaut opened Tuesday at $627.34 and rallied 3 percent during the day. Some traders expect further gains are on the way.
"The stock has got almost another $90 of upside to $730," said Richard Ross, head of technical analysis at Evercore ISI. "I would still be a buyer today even with the stock at a fresh all-time high."
According to Ross' chart, Netflix has developed a base of support over the past nine months. The stock broke out above that base in May.