The "Mad Money" host turned to Strategic Portfolio Solutions' Suz Smith for her take on the daily charts of Microchip Technology, Micron, and Advanced Micro Devices, three high-performing semiconductor plays.
Smith's favorite name in the space is Microchip, which makes microcontrollers for various devices.
"In the case of Microchip, Smith says we're dealing with a stock that has very strong institutional ownership. In other words, Microchip is almost an anointed winner at this point given this trajectory, even if we haven't talked about it that much on the show," Cramer said.
According to Smith, Microchip's daily chart showed the stock, which trades around $74, making bullish moves that indicate it could go higher in the near term.
One such move was illustrated by a technical indicator called the full stochastic oscillator, which shows when a stock is overbought or oversold. As it moves higher, it sends a buy signal, Cramer said.
Another was in the moving average convergence divergence, or MACD, indicator, which tracks a stock's trajectory before it happens. The black line on the chart crossing above the red line means a positive push upward could be in store for Microchip's stock.
"If Microchip Technology can clear its near-term ceiling at $75, which is only a few cents above where the stock is currently trading, ... then Smith believes it can make its way to $86 in the not-too-distant future," Cramer said, adding that its upcoming earnings report could be the catalyst.
The daily chart of Micron, which manufactures DRAMs, flash memory chips, and other commodity products, also showed the stock gearing up for a serious rally.
"Eventually, Micron's end markets will go bust as they get flooded with new supply and pricing comes down, ... but for the moment, it's still very much in boom mode and that could last quite a while before this move runs out of juice," Cramer said.
Not only did the stochastic oscillator show Micron coming out of being grossly oversold — a classic buy signal — but the Williams percent R oscillator, another tool measuring overbought and oversold conditions, indicated a possible move higher out of oversold territory.
"Perhaps best of all, Smith notes that Micron has a floor of support at $25.84, about a buck and a half below where it's currently trading, which makes this a low-risk entry point, as she believes Micron could have smooth sailing ... to the $34 level," Cramer said.
Finally, the chart of Advanced Micro Devices, the best performing semiconductor stock of 2016, showed the stock settling above its March lows and the selling volume decreasing. Like in the others, indicators showed the stock turning up out of oversold territory as well.
"My one concern is that AMD reports on May 1st, and while this company has given us a miraculous turnaround — I mean, just incredible — a less-than-perfect quarter might throw this whole story out of kilter," Cramer said.
Cramer's bottom line is that Lam Research did wonders to lift the semiconductors with its earnings report and signaled that their products are in high demand.
"And the charts, as interpreted by Suz Smith, suggest that Microchip Technology, Micron, and AMD are all worth buying," the "Mad Money" host concluded.
Watch the full segment here: