One top technician says this Dow laggard could be ready to break out

This Dow stock could be the ultimate catch-up trade

Stocks started the quarter off on a high note Monday as the Dow and S&P rallied around 1 percent. This follows a stellar quarter for the major indices where the S&P 500 saw its best stretch since 2009 and the Dow saw its best quarterly performance since 2013.

However, if you've missed out on the rally, "Options Action" trader Carter Worth says there's one Dow stock to play for a catch-up trade: 3M.

Shares of the industrial giant are up 10 percent this year, lower than the Dow's 12 percent gain and the industrials sector's 18 percent gain.

"What you have, in many ways, is a double bottom of sorts," Worth said Friday of 3M's most recent drops in October and December.

Worth also sees something in the stock's 150-day moving average that points toward a breakout.

"You also have this well-defined inflection, where it turns, and now turning again. So the bet is that this is on its way to meaningfully higher prices."

As evidence, Worth points to a long-term chart that shows 3M's remarkable resilience after hitting a low.

"What we know is, it has found this line quite precisely and has bounced" off the lows each time toward new highs, Worth said. "Ultimately, the question is, does it go on and make a new high?"

Worth also sees signs of strength in 3M's performance relative to the rest of the industrials sector.

"Basically, 3M has done nothing for a long time, but again, it has found support off of this relative line repeatedly, and we are here yet again. I think this is the setup for playing a big name, a Dow name, that has lagged."

Shares of 3M were trading almost 2 percent higher on Monday.

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