Micron Technology (MU) was reviewed on May possibly 13 and we advised that “Very similar to other stocks that have suffered declines, MU could stage a non permanent rebound in price but the lengthier-time period picture indicates further rate weakness in advance. I would sit out any in close proximity to-time period bounce in MU as the double top rated sample concerns me.”
Let us test the charts yet again.
In this daily bar chart of MU, underneath, we can see that shares of MU have manufactured an island best reversal by gapping higher in late Might and gapping reduce these days. A retest of the April-Might lows appears like it could be the following transfer for MU. Price ranges are back under the declining 50-day shifting typical line. The slope of the 200-day line is nonetheless detrimental.
The On-Balance-Volume (OBV) line has been neutral/continuous the earlier two months. The Moving Ordinary Convergence Divergence (MACD) oscillator was edging up to the underside of the zero line but now it is more probably to change reduced again.
In this weekly Japanese candlestick chart of MU, below, we see a blended picture. This week’s candle is not plotted but so we nonetheless see far more lower shadows than higher shadows. The slope of the 40-week shifting normal appears to be to be neutral.
The weekly OBV line appears to be like like it demonstrates some enhancement in May. The MACD is beneath the zero line but has narrowed towards a probable protect shorts buy signal in the weeks in advance.
In this each day Point and Determine chart of MU, underneath, we can see a prospective upside cost target in the $93 place.
In this weekly Issue and Figure chart of MU, down below, we can see the very same $93 price tag target as the each day chart.
Base line system: MU could proceed to hold the $65 level but a near down below $65 on improved quantity will suggestion the scales toward the bears. Stay tuned.
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