It's been a wild year for Ambarella.
Shares of the GoPro supplier are already up more than 110 percent year to date, and some traders are expecting even bigger moves soon.
According to Nathan, the options market is implying a 15 percent move in the stock in either direction in the next three weeks. The stock was trading just under $108 Friday. "There's only been one time since the stock went public in 2012 that it's moved 10 percent on a single day," he added.
But if the chart is any indication, that move could result in a plunge to multimonth lows. "The technical setup appears to be showing the potential for a massive double top," said Nathan. Technicians often recognize this pattern as the end of a bull run. "The stock is once again testing the uptrend since its parabolic move that started in February."
And with sky-high returns on the year comes equally high options prices in the semiconductor. "This is a stock where the options market is going crazy," said Nathan, a CNBC contributor. "Options prices are already at 2015 highs and are likely to go higher," he added. "It's tough to make a directional bet on Ambarella using options here."
Wall Street, on the other hand, appears to see Ambarella as fairly priced at current levels. Of the 12 analysts surveyed by FactSet, the average price target is $109 with a rating of overweight.