Another day of gains for Twitter on Monday has it on track for its longest winning streak in nearly a year. One technician sees it flying higher from here.
"The chart looks great," Craig Johnson, chief market technician at Piper Jaffray, told on CNBC's "Trading Nation" on Friday. "Since about April 24, we started seeing a very constructive-looking chart pattern."
Twitter has been on a tear since late April, climbing back to multiyear highs through May and notching a 52-week high on Monday. Its shares are on track for a 55 percent increase for the year. The XLK technology ETF, which does not hold Twitter, is up nearly 12 percent.
The stock is currently at an inflection point and a close above $37 should signal the next "breakout" to the upside, said Johnson. Gains on Monday put Twitter on track to end the session above that level.
A key momentum indicator also suggests more upside to Johnson.
"Look at that RSI line," said Johnson. "We've moved into overbought territory. That doesn't necessarily mean that it is bad and the stock should be sold. It just means you have a lot of momentum right now and we think we're going to see the stock push ahead and over the next couple of months."
Its relative strength index, a measure of buying momentum, was at 71 on Monday. It hit a low of 31 in mid-March during Facebook-related sell-offs in the tech space. A level above 70 typically suggests overbought conditions, while a level below 30 suggests a stock is oversold.
"The next resistance comes in around $50 so still really good upside from these levels," added Johnson.
Bill Baruch, president of Blue Line Futures, sees the stock heading as high as $51.50, a level that implies 38 percent upside from here. Twitter's executive leadership gives Baruch confidence in its stock performance.
"I do find it easier to get behind a CEO like Jack Dorsey who has really great vision," Baruch said on Friday's "Trading Nation." "Look what he has done with Square. ... There's some interesting stuff going on here where you're going to see this Twitter and even Square continue to head higher."
Twitter has staying power as a social network as it carves out a niche against Facebook and Snap, adds Baruch.
"Everybody is on it," he said. "You're seeing this gain a lot of traction and it's not going anywhere. Now the World Cup, the NBA basketball game recently, everybody is talking about events on Twitter."
Shares of Twitter are up 2 percent Monday, building upon a 5 percent advance to end last week. It's a solid start to a new month – just two trading days into June and the stock is already on track to end with close to an 8 percent gain.