Could the new aluminum F-150 help drive Ford's stock another 30 percent higher?

That's the argument being made in the latest issue of Barron's. The cheaper, lighter-weight F-150 pickup combined with other cost-cutting measures could boost earnings which, in turn, might lift the stock higher. Wall Street liked what it read and on Monday, shares of Ford were up 2.6 percent.

Those who were looking for a bullish sign in Ford only had to look to the charts, according to Mark Newton, the head of technical analysis at Greywolf Execution Partners.

The stock appears to be targeting a return to its 52-week highs at $18.12 per share, he said.

"Ford continues to look very bullish here technically," Newton said. "It looks very good."

Despite a large pullback in the stock over the summer, Ford's stock held what Newton sees as a long-term uptrend in place since 2008. The stock's low at $13.26 in October tested the uptrend and coincided with the 50 percent retracement level of the stock's 2012 to 2014 rally. It subsequently bounced from there.

"This has really helped to jumpstart some acceleration in the stock and potentially short-covering as well," he said. "So I like the stock to move up to those former highs which are right near $18.12."

Looking at a chart of Ford going back to 1998, Newton sees the stock continuing upward after bottoming out in 2008. "You can see that this entire move just in the last few days as part of this bigger bullish base that's been over a decade in the making," he said." The stock right now is still over 80 off of its all-time highs. So the stock has just started to emerge from this longer-term bullish base. I think it's actually quite attractive."

"Getting above the former highs at $18.12 should help the stock to move in to the mid-$20s," Newton added. "I would own it here and use any dips as a chance to buy."

And the fundamentals may back up the technical's bullish outlook. Gina Sanchez, founder of Chantico Global, thinks Ford's stock is good value given its growth possibilities.

"If you look right now at Ford's multiple, it's trading very cheap right now – 9.1 times forward earnings," said Sanchez, a CNBC contributor. "Part of that has been the weakness in Europe and part of that has also been the fact that they had to retool many of their factories in order to gear up for the new F-150."

But Sanchez expects Ford's infrastructure investment for the F-150 to pay off. "It's going to put them well ahead of the competition – a year ahead of GM, a year ahead of Toyota and the rest of the auto space," she said. "This really positions Ford to be an absolute No. 1 leader. You should see that 9.1 multiple increase."

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