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."