In a big week for tech earnings, Oppenheimer technician Ari Wald is looking at one stock in particular to lead a Nasdaq rally.
On a long-term chart of Alphabet, Wald says that he sees the stock finally breaking through $800 "resistance" that had been in place since late last year. If anything, the tech company looks to still be following what Wald sees as a long-term uptrend that has been in place since January 2015.
"We think that it's setting up a new leg of outperformance in the direction that [Alphabet] has already established long-term uptrend," Wald said Monday on CNBC's "Trading Nation."
Wald sees the stock rising above $900, for a 7 percent rally from Tuesday's opening price.
In fact, Tuesday's opening price marked an all-time high for the stock. The shares have recently been fueled by the overwhelming positive reviews of the new Google Pixel smartphone.
It's Alphabet's more recent hardware plans that lead Boris Schlossberg, managing director of FX strategy for BK Asset Management, to believe that the company could be set for a "second resurgence."
"I think it's interesting that [Alphabet] could become just as much of a hardware company as it is a software company, if they can succeed in this whole new arena of artificial intelligence," Schlossberg said Monday.
Alphabet's shares are currently up more than 6 percent year to date after struggling for the first part of the year. Last quarter, the tech company crushed earnings estimates, which sent stocks shooting past $810 in the after hours to make what was then a new all-time high for Alphabet.