After Micron Technology's explosive start to the year, investors may be wondering whether the semiconductor company has any more energy in its rally. The charts suggest it does, according to one market watcher.

"It could still have some more upside," Matt Maley, equity strategist at Miller Tabak, said on CNBC's "Trading Nation" on Tuesday. "We were kind of pounding the table on this stock when it broke above $50, and it's up 20 percent since then."

Micron Technology moved above $50 in early March for the first time since September 2000. Its shares are now 44 percent higher for the year, far higher than the 's 2 percent increase and the XLK technology ETF's 8 percent advance.

"When the stock came back down in March and April, it made a very nice higher low. Now it's moving back up and trying to make a higher high above those highs we saw back in early March," said Maley. "If it can do that it can have a lot more upside here at least on a technical basis."

Micron pulled back in April and May after hitting a 52-week high on March 13. The stock is now 7 percent away from reclaiming those multiyear highs.

Larry McDonald, editor of the Bear Traps Report, is more bearish on the tech sector as a whole.

"The technology sector plus Amazon is now worth $7.3 trillion, and all of the entire emerging markets globally are worth about $5 trillion and all of the European stocks are worth $5 trillion," McDonald said on Tuesday's "Trading Nation."

A sharp runup in recent years has made for a bloated and overvalued sector, McDonald added.

"Its percentage of the S&P 500 over the last 10 years has almost tripled, so you're just talking about a very, very crowded trade, and it may last another five or six months but you'd be wanting to move out of tech here," he added.

The tech sector is the best performer on the S&P 500 this year.