Traders have been sinking their teeth into tech this year.
The tech-heavy had been trading within arm's reach of its all-time high for much of 2015, this as the Cramer-coined FANG stocks — Facebook, Amazon, Netflix and Alphabet — which represent nearly 15 percent of the index, have rallied an astonishing 36, 114, 153 and 44 percent, respectively year-to-date. Each of these tech giants has kissed an all-time high in the month of December, with the exception of one: Facebook. But according to one technician the social giant could soon soar into uncharted territory.
"This group of stocks have really supported a flat market in 2015," Todd Gordon told CNBC's "Trading Nation" on Thursday. The has been seesawing in and out of positive territory for the last few months. "I think that Facebook could potentially lead the market higher through the end of the year and into 2016."
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On a year-to-date chart of Facebook, Gordon noted that the stock has consistently traded in periods of consolidation and followed by rallies to new highs. And as the stock has traded in a sideways pattern since hitting an all-time high of $110.65 in early November, Gordon believes it could be on the cusp of a big breakout. "We see this consolidation here, and I think we could break to the topside," said the founder of TradingAnalysis.com.
Using the measured moves from previous rallies, Gordon said he expects to see Facebook shares rise as high as $115 in the next few weeks. That's a 9 percent rise from the current price of around $105.60.
Wall Street tends to agree with Gordon that Facebook shares could soon surge. According to FactSet, of the 47 analysts that cover the stock, the average price target is $125.08 with a buy rating.
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