One top industrials stock just had its best day in a decade.

Industrial tech company Rockwell Automation rallied 11% on Tuesday, its best one-day gain since April 2009, after guiding for a strong 2020 performance. It was the day's best stock on the XLI industrial ETF and one of the best in the past month.

Todd Gordon, founder of TradingAnalysis.com, says the rally in Rockwell is not done yet.

"This industrial looks very good," Gordon said on CNBC's "Trading Nation" on Tuesday. "I like to look at this from an Elliott Wave point of view, which is a theory that markets advance in trends of threes and corrections of two."

The first wave, he says, began with a major rally in the two years after January 2009. It then consolidated over the following year and then kicked off a multiyear move higher before pulling back in 2018.

"The theory says we should go up and hit channel resistance," said Gordon. "We had a massive, massive launch ramp right through the $200 region. We had a breakaway gap. That is now your support if you want to trade it, or invest in it. I'm looking at adding this to my portfolio. … You will collide with resistance I think above that $250 level so that's the upside technical resistance."

Rockwell would need to rally more than 26% to reach Gordon's resistance level at $250. That would also mark a new record.

Quint Tatro, president of Joule Financial, says a different industrials stock is on the verge of a major breakout.

"Our favorite in the group right now Eaton Corp.," Tatro said during the same segment. "When the stock has really been firing on all cylinders, the investment community is willing to pay up to 18 times. We think that can happen here with some multiple expansion. It takes the stock around $106 so we think there's still some legs."

Eaton currently trades at 15.6 times forward earnings. A move to $106 marks 15% upside.

If a trade deal between the U.S. and China were to come to pass, Tatro said, Eaton's potential could be even higher.

"It's only based on current estimates and what we think the confidence is happening here within the investment community. If the trade deal does come to fruition and earnings are revised higher, then obviously the stock can go much farther than $106," he said.

Disclosure: Gordon is planning to invest in Rockwell Automation; Joule Financial holds Eaton.

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