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This tech giant is set to surge

Tech stocks are making new highs, but not everyone is participating in the rally.

Google shares have been stuck in the mud, down 2 percent in the last 12 months while Apple, Facebook and the broader Nasdaq 100 are up a respective 42, 35 and 19 percent over the same period. But according to one technician's chart work, the Google could be on the verge of a massive rally.

"We think Google is set to breakout well above $600, which would target the old highs around $615," technical analyst Jonathan Krisnky said Wednesday on CNBC's "Power Lunch."

Krinsky noted that despite rising 5.5 percent year-to-date, Google shares have been in a tight consolidation range since hitting an all-time high in February 2014. But by his measure, this sideways action could be the "pause that refreshes" the rally.

"If you look at the long-term chart you see that the stock nearly doubled from 2012 to 2014," said Krinsky, chief market technician at MKM Partners. "Now that it's had time to consolidate, we think it's set to break out to the upside."

And Krinsky is drawing in comparisons to the chart of another tech giant: Amazon. "One of the reasons that make us so constructive on Google is that we witnessed a very similar pattern in Amazon from 2013 through early 2015," said Krinsky. After breaking out of the consolidation phase, Amazon rallied 45 percent. "History doesn't repeat, but it often rhymes."

Krinsky expects Google shares to rally 10 percent to $615 in the near term, and nearly 20 percent to $660 long term.

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"Not only do we agree, but we're actually even more bullish," said Erin Gibbs, equity chief investment officer at S&P Capital IQ. "Wall Street consensus has an average 12-month price target price for Google of $643, so I'd say Krinsky's target is a bit low."

Looking at the fundamentals, Gibbs said earnings expectations over the next three years appear quite strong and Google's valuation looks "fairly reasonable" compared to other large cap U.S. stocks.

"This actually looks like a good entry point to get in here and easily see some significant upside," she added.

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