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These tech stocks could be set to break out

Microsoft CEO Satya Nadella
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A group of once high-flying tech names could be breaking out or on the verge of breaking out 15 years after they played a starring role in the tech bubble.

As Nasdaq regains 5,000 for the first time in 15 years, Oppenheimer sees potential for a group of technology stocks in the Technology Select Sector SPDR Fund ETF (XLK) to burst ahead. On the list, Microsoft and Intel, two dominant forces in the 1990s technology boom, but stocks that have never regained their 2000 trading highs.

"Some of them have already broken out," said Ari Wald, Oppenheimer technical strategist. Wald said his time frame is the next one to two quarters.