Jim Cramer takes a look at chart action as explained by DeCarley Trading co-founder Carley Garner to understand the moves in oil and tech stocks.
Technology and oil stocks have rebounded after the fourth-quarter sell-off and investors should be conscious of how much farther they could run, CNBC's Jim Cramer said Tuesday.
Cramer highlighted that crude and the tech-heavy Nasdaq 100 have been trading in near lockstep over the past 180 sessions — peaking at the same time in October and bottoming at the same time in December — although tech has bounced harder. But the gears appear to be changing. Based on moves illustrated in a weekly chart dating back to 1999, Garner thinks the rally can only be sustained on legitimate bullish bets, the host said. She argues the the Nasdaq 100 could rise another 3% from current levels to touch its all-time high and trigger a short-lived pullback. If the index breaks above that 7,835 mark, it could run as high as 8,455 — 11% higher from current levels.
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