Oracle chart looks poised to breakout: Technician

Oracle shares were flat during early trading on Wednesday ahead of the software giant's 2015 fiscal fourth quarter earnings report after the closing bell.

The stock has been stuck in a rut for most of the year, down a quarter of a percent and trading in a tight range while the Nasdaq Composite has rallied more than 7 percent in the same period. But one technician is betting that strong earnings could be the catalyst to send the stock to multi-year highs.

"The stock has really been underperforming on a year-to-date basis even as technology shares in general have moved higher," technical analyst Rich Ross said Wednesday on CNBC 's "Trading Nation." But according to Ross' chart work, the stock is butting up against key resistance at the neckline of the base of support that has formed in 2015.

"If we get a good number out of Oracle, I think we could see a move up in the stock that would take us all the way up to $47," added Ross, head of technical analysis at Evercore ISI. That's a 5 percent surge from current levels and puts the stock at its highest level in more than a decade.

"I'm paying very close attention to this base and neckline that comes in at $45," said Ross. Oracle stock has tested and failed that $45 resistance level three times so far this year.

But nonetheless Ross maintains his thesis, "I like Oracle here and I'd be a buyer of this stock."

Wall Street analysts expect Oracle to report fourth quarter earnings of 86 cents a share, which comes in 7 cents below last years, according to FactSet.

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