Lululemon just hit record highs for its second straight day.

The athleisure stock has rallied nearly 20% in the past month in one of the best performances on the Nasdaq 100 ETF.

Todd Gordon, founder of TradingAnalysis.com, says Lululemon sees even more upside.

"We're going to work on LULU," Gordon said Tuesday on CNBC's "Trading Nation." "Let's take a look at the old highs from late 2018, right around the $170 mark, give or take. You can see on that earnings report right here, we just gapped through, and we've shown no signs of wanting to close that overnight gap around that earnings report, so I see upward trajectory in place."

To determine how high the stock can go now, Gordon traces a trend channel formed from two significant swing lows in December and March and two significant swing highs in January and March.

"What you're looking is ... significant turning points in the markets. Those become your technical objectives," said Gordon.

"You can see in the earnings, we didn't quite get up into the upper resistance level, so that creates a little bit more air, a little bit more room to go before we collide with resistance," he said.

Gordon says Lululemon would have to rally to $185 to get the upper end of that channel. A move to that level marks nearly 10% upside from Tuesday's close.

To play for a spring to that level, Gordon is buying the June 21 175-strike call and selling the June 21 185-call.

Disclosure: Gordon is long Lululemon.