When I reviewed Micron Technology’s chart back in March, I said it had some great potential to rise again and challenge higher prices. At that point, the 200 ma was looming overhead, and I knew that pushing through that level would be a challenge. Sure enough, the stock experienced a selloff, and it bottomed out in May. Since then, it has made a nice series of higher highs and higher lows.
Micron Breaks Out And Moves Up
The upward channel on the current chart has a steep price level slope, but since May, the stock has made an impressive move at each point. It currently sits above all of the moving averages, and I think we could see the late 2015 levels challenged, which were about 15% higher from the current price.
MACD has renewed a buy signal on impressive volume levels, which just keep moving higher on all the up sessions. Relative strength has reached a plateau, so we could see price come down a bit. If it does, we’re looking at another good buying chance.
Micron Tech (NYSE: MU) Video Chart Analysis
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About Micron Tech
Micron Technology, Inc. provides semiconductor systems worldwide. It operates in four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. The company offers DDR4 and DDR3 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; mobile low-power DRAM products for mobile phones, tablets, embedded, computers, and other mobile consumer device applications; DDR2 DRAM, DDR DRAM, GDDR5 DRAM, SDRAM, reduced latency DRAM, and pseudo-static DRAM products for use in networking devices, servers, consumer electronics, communications equipment, computer peripherals, automotive and industrial applications, and computer memory upgrades; and HMC semiconductor memory devices for use in networking and computing applications