Boeing has a lot of catching up to do.
With a slightly negative run on the year, the aerospace giant is underperforming the aerospace and defense industry, which in turn is underperforming the industrial sector, which in turn is underperforming the .
But according to Sterne Agee's chief market technician, Carter Worth, that nested underperformance is precisely what creates the current opportunity.
First of all, when it comes the aerospace and defense subindustry group, Worth sees a tight trading range.
"This kind of tension, more often than not, resolves with some sort of breakout," he said Friday on CNBC's "Options Action." "So we're at the top of the range, and the presumption is, we're going to break out."
Worth believes that Boeing, the biggest component in that group, will lead that breakout.
In the chart of Boeing itself, Worth spots a "well-defined triple bottom," which is often thought to be a bullish sign showing chart support.
On the upside, Worth notes that Boeing shares made a high of $144.57 in January.
"We think we're going to make a run for the January high, up 10 percent. And that would only put it back to where it was—the market's even higher," he said. "We think it's a real good bet relative to the S&P, and we think it's a real good bet [on an] absolute [basis]."
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So do the fundamentals back up Worth's charting?
According to Michael Khouw, such a rally would make sense.
"Boeing is a great company and they have great secular tailwinds," the options trader said. "And there are not a lot of places in the market right now where you can actually buy a decent company that has a long horizon of potentially great sales for less than the market multiple."
To bet alongside Worth, then, Khouw recommends buying the May 135-strike call for $5.25. This will make money if Boeing shares rise above $140.25 by May expiration.
Khouw and Worth previously made a bullish case for Boeing in January 2013. Shares of the company are up about 70 percent since then.
Follow the show on Twitter: @OptionsAction.
Disclosure: Neither Khouw nor Worth have positions in Boeing.
