After getting clobbered in the final stretch of 2018, semiconductor stocks are making up for lost time this year.

Since the calendar flipped to January, the popular VanEck Vectors Semiconductor ETF (SMH - Get Report) is up nearly 28%, besting the rest of the broad market by nearly a factor of two.

Better still, that swift momentum pace just broke out to new highs over last summer's peak price just last week, which means that semis are officially moving from rebound mode to rally-mode.

Unsurprisingly, not every semi stock is created equal.

The key to taking advantage of the semi rally is owning names that are showing momentum but still have room to run higher before they get fatigued. And, on that basis, one of the most interesting names in the industry right now is Micron Technology (MU - Get Report) .

To figure out how to trade Micron here, we're turning to the chart for a technical look.

At a glance, it looks like Micron is staging a key turnaround right now. Shares had been stuck in a well-defined downtrend for all of the second half of 2018, but that downtrend officially came to an end back in mid-January, when shares broke out above the 50-day moving average.

Now, they're showing off a textbook example of a bullish continuation pattern in the near term.

Micron's price action is currently forming an ascending triangle pattern, a bullish setup formed by horizontal resistance at $44 and uptrending support to the downside. Simply put, as shares have bounced in between those two price levels since early March, they've been getting squeezed closer and closer towards a breakout above the $44 price level.

When that breakout happens, increasingly eager buyers have absorbed the glut of overhead supply above $44, and we've got a clear buy signal.

In the longer term, that ascending triangle pattern in Micron looks like it could be the right shoulder of a much longer-term inverse head and shoulders pattern, a bullish reversal setup with much longer-term trading implications. Having a pair of completely different trading patterns on different time frames with the same conclusion adds some confidence to the upside potential in Micron here.

So does relative strength, the indicator down at the bottom of the Micron chart.

Relative strength measures Micron's performance relative to the rest of the broad market. After lagging into 2019, Micron's relative strength gauge has kicked off a strong uptrend of its own, signaling that this stock is now systematically outperforming the S&P.

Keep a close eye on the $44 price level in the sessions ahead. A material push through that line in the sand means that it's time to join the buyers.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.