Micron Technology Spiking Up Over 10%: What's Going On?

Micron Technology Inc. MU shares are trading higher Tuesday after the company announced better-than-expected fiscal first-quarter 2022 financial results.

The company reported adjusted quarterly earnings of $2.16 per share, beating the estimate of $2.11 per share. Quarterly revenue came in at $7.69 billion, beating the estimate of $7.67 billion.

Micron was up 10.12% at $90.33 at the time of publication.

Related: Why Micron Shares Are Rising Today

Micron Daily Chart Analysis

• Shares have broken out of what traders call a falling wedge pattern and have been pushing higher. The move comes as the stock has been undergoing a month-long consolidation period.
• The stock trades above both the 50-day moving average (green), which crossed above 200-day moving average (blue) Friday. This indicates the sentiment is turning bullish, and each of these moving averages may hold as an area of support in the future.
• The Relative Strength Index (RSI) saw a jump higher today and now sits at 65 on the indicator. The RSI is nearing the overbought area, showing that more buyers have piled into the stock.

What’s Next For Micron?

The stock broke out of a falling wedge pattern and has made a bullish run higher. The stock consolidated for a time period and now saw another gap up Tuesday.

Bulls are looking to see the stock continue on its bullish push. Bears are hoping to see the stock fall below the moving averages and back into the wedge pattern and hold below pattern resistance once again.

Related Link: Analyst Ratings For Micron Technology