There's nothing small about Advanced Micro Devices' moves.

An earnings beat had the chipmaker's shares soaring nearly 20 percent on Wednesday, its 10th one-day double-digit move in a year. Its stock gained 1 percent in Thursday's premarket. Prior to that move, AMD had plummeted 44 percent from its September highs.

Craig Johnson, chief market technician at Piper Jaffray, says its trading pattern over the last four months has made a bullish case for the stock.

"From my perspective, it looks like a great downtrend reversal in the making," Johnson said Wednesday on CNBC's "Trading Nation."

Since bottoming on the day after Christmas, AMD shares have rallied 44 percent. Its 50-day and 200-day moving averages have also begun to turn upward, indicating a downtrend reversal.

"Expectations were really reset through the fourth quarter of last year," said Johnson. "Look at the downtrend reversal, the great support that's come into play. I think the stock has got more room to run, and I think you could see this stock move up to about $27, and that's really where the next overhead resistance comes into play."

A move up to $27 represents 18 percent upside from Wednesday's close. It would still be 21 percent below September levels.

AMD should also benefit from continued revenue growth, says Mark Tepper, president of Strategic Wealth Partners.

"When you look at some of the smaller players like Xilinx, Lam Research and AMD, they're less dependent on the overall growth of the industry because they have the ability to actually capture market share from the big boys," Tepper said on "Trading Nation" on Wednesday. "Is there more upside? Absolutely as long as they can take market share from Intel and Nvidia."

However, the extreme moves have Tepper hesitant to get behind AMD stock.

"This is a really volatile stock. Within the past year it's been at $9 all the way up to [$34]," he said. "So, while this thing could be a hero over the next few months, the volatility has us on the sidelines here."

From its 52-week low in April to its September high, AMD had moved 278 percent and is easily the best performer in the semiconductor ETF (SMH) over the past 12 months.

Disclosure: Neither Tepper nor Strategic Wealth Partners have a position in AMD.