The stock with a bullish flag is headed higher

Off The Charts: MasterCard & Under Armour

Just because a stock has already gone for a run, doesn't mean that you've missed the boat. Jim Cramer says not to be afraid of them! There could be plenty more opportunity ahead.

In a market environment that is reaching new highs on a daily basis, Cramer thinks that as long as the fundamentals keep improving, a high-quality stock should, too.

To confirm his suspicions he turned to Tim Collins, a technician and colleague of Cramer's at RealMoney.com. Collins took a look at both Mastercard and Under Armour, two stocks flirting with all-time highs and could go even higher.

According to Collins, the chart for Mastercard is a picture of beauty. The chart shows a perfect incline from the lower left to the upper right, which he considers to be the best of the best. It has only had one large pullback in the past few years.

Collins considers 2014 a year of consolidation for the stock. It had been trading higher for years and needed to take a breather.

In fact, he considers this time on the sidelines as a bullish signal that could propel the stock higher. However, in the beginning of 2015 he saw that Mastercard started to create a bullish flag formation on the charts.

A bullish flag formation occurs when the stock trades slightly lower in a tight range just after a large move higher. The pattern resembles that of a flag on a flagpole. Typically it indicates that there is a pause between two rallies.

Sure enough, Mastercard rallied above the flag last week. Collins estimates that this stock could trade all the way up to $100 or $105 from its current position at $91.

"MasterCard and its vicious competitor Visa are two of the best run companies in America, and I think both are headed much higher as the world continues to morph from paper to plastic and China tantalizes down the road," Cramer said.

Collins also liked what he saw with Cramer's favorite company Under Armour. The daily chart showed that it had traded sideways between $64 and $73 from October to January. But in late January it roared even higher, and has even managed to break out of its range earlier in February.

Looking at the weekly chart, Collins was in complete awe with how gorgeous it is. The charts do show that the stock is overbought, but in Cramer's opinion, some of Under Armour's best rallies have happened when the stock was overbought. So that is certainly not something to worry about.

Collins thinks that the stock is in the early stages of a move that could catapult it up to $92.50 and maybe past $100 this year.

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"My take? At last, someone who understands the power of Under Armour! I think the market cap is way too small to reflect the huge opportunity here," said Cramer.

Cramer's major lesson from the charts is that just because a stock has rallied, doesn't mean you need to be afraid of it. The charts for Mastercard and Under Armour indicate that they could keep running with the bulls this year, and Cramer thinks you should take advantage of the opportunity.

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