Boeing shares are up 17 percent year to date, but rather than taking the rally as a sign to get out, one trader who relies heavily on the technicals is betting it could hit all-time highs in the next few weeks.
"Boeing has been consolidating since February," said Tradinganalysis.com founder Todd Gordon. "I think the stock is going to poke through this resistance level and could make a move up to $165." The aerospace company's shares have fallen nearly 2 percent in the past month.
According to Gordon, there's one catalyst that could put a pause in the Dow component's attempt to break out to new highs: earnings later this month.
"We have earnings coming up April 22," he said on Thursday's "Trading Nation." "You can either do a trade a couple of months out to weather some of the volatility that comes along with the earnings, or you can make a shorter-dated trade to be out before earnings," Gordon said. "I'm doing a trade that gets me out before earnings on the 22nd."