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This stock is primed to pop on earnings: Technician

GE is set to report earnings before Friday's bell. And one technician is expecting to see the stock pop on the results.

"I think the stock sets up great ahead of earnings. I'm a buyer right here," said Rich Ross, head of technical analysis with Evercore ISI.

When GE shares surged Friday after the company announced a restructuring and massive buyback, that "unlocked a buy signal," Ross said Thursday on CNBC's "Power Lunch."

Additionally, Ross draws encouragement from the fact that the stock has held its new support level at $27.

"I think the stock's got an upside target of $30," he said. That would represent 10 percent of upside from current levels.

Taking the broader view, Ross said that the stock saw "a decisive breakout from 16-month trend channel."

"You have a stock that has a lot going for it," he said.

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