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This chart predicts massive gains for Facebook: Technician

Facebook shares are surging, hitting a high on Tuesday, and becoming one of the 10 biggest S&P 500 companies by market cap this week. And according to one technical analyst, the social stock's rally is just getting started.

"I love technology, and I love Facebook," Rich Ross of Evercore ISI said Tuesday on CNBC's "Power Lunch." "This is one of my favorite set-ups."

Examining the chart, Ross finds that Facebook shares have recently traded in a "coil or triangle" pattern, from which the stock broke out on Monday.

"We want to trade strong in the direction of the break," Ross said. "We think that projects measured upside to $95 first, with ultimate upside of $105."

The stock rose as high as $87.91 on Tuesday.

Plenty of options traders also see a move to $95 ahead, according to Stacey Gilbert, head of derivative strategy with Susquehanna.

"The market's implying around a 25 percent probability that Facebook shares are above $95 by September," Gilbert said.

Additionally, "the market is saying that it's less risky than it has been in years," since the overall cost of both call and put options on Facebook has fallen.

Analysts tend to be positive on the stock as well. In a Monday note, Piper Jaffray analyst Gene Munster raised his price target to $120, reasoning that with its ownership of Oculus VR, "FB is the best play on the next computer paradigm of virtual reality," and its presence in the virtual reality space "gives us greater confidence in Facebook's ability to sustain usership and revenue growth across its portfolio of products over the next 10+ years."

Of course, the potential knock against the stock is its markedly high valuation. That is to say, if the future doesn't unfurl in the way that bulls predict it will, Facebook investors are likely to be disappointed.

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