Amazon could rally another 30 percent, technician says, pushing it to $1 trillion market cap

Apple is considered the likely winner of the $1 trillion market-cap crown. One technician has a bullish call for an Amazon breakout that could push the e-commerce giant above that level, too.

"Amazon, quite frankly, is in an outstanding technical and fundamental position. It is a two-way star. It is Shohei Ohtani. It pitches and it hits home runs here," Rich Ross, head of technical analysis at Evercore ISI, told CNBC's "Trading Nation" on Wednesday.

The e-commerce company's shares should capture a level above $1,900, a move 13 percent higher than current levels, forecasts Ross.

"The stock consolidated in recent months. It held in tight in a tough tape and now it's breaking out from that trading range which projects that upside to $1,900," said Ross. "If we want to get more bullish, and I think we should, we should start to focus our attention above $2,000. I can get you as high as $2,200."

Evercore analyst Anthony DiClemente currently has a $1,900 price target on the stock. Ross' $2,200 forecast is the most bullish call among analysts.

An upside target of $2,200 implies a 30 percent gain from its current trading level around $1,690. Such an advance would also put its market cap at $1.067 trillion, above the historic $1 trillion level a number of tech large caps are vying for including Apple and Alphabet.

Its solid fundamentals give Amazon a clearer shot at the $1 trillion level, said Boris Schlossberg, managing director of FX strategy at BK Asset Management.

"How can you not love Amazon? It's the greatest stock in the world because it answers every consumer need there is," Schlossberg said on Wednesday's "Trading Nation."

Amazon's growth momentum also easily outpaces Apple, adds Schlossberg.

"It's simply the idea of growth and market share and from that perspective Amazon just seems to continue to surprise the market from the upside," he said. "It's much more exciting, much more interesting, the growth is much more with Amazon than it is with Apple these days."

Amazon shares have been moving in a range between around $1,350 and $1,600 since it rallied along with the rest of the market through January. Its stock is now showing signs of a breakout having moved above that $1,600 cap in late May.

Gains before the beginning of the May breakout were substantial even as it moved within a trading range. Its shares are up 44 percent in the year to date and are on track for their third month in the green, a winning streak not seen since May 2017.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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