A Technical Look At Micron's Stock

Micron Technology Inc. MU shares closed Tuesday down 2% at $81.23.

Micron Daily Chart Analysis:

• Micron shares look to be consolidating after making a large run-up during the months of November 2020 through February 2021.
• The stock is trading below the 50-day moving average (green), but above the 200-day moving average (blue), indicating the stock is most likely facing a period of consolidation.
• The 50-day moving average may hold as resistance, while the stock may find support near the 200-day moving average.

Key Levels To Watch:

• The stock showed that it was able to find support near the $75 level. The stock may be able to find support near this area again.
• The $95 mark is a place where the stock price has struggled to cross above. This resistance may hold again if the price is able to reach this area again.

What’s Next?

Bullish technical traders would like to see the stock build higher lows to the potential resistance level near $95. A break above this resistance with some consolidation allows the stock to possibly see a higher push.

Bearish technical traders would like to see the stock fail to hold the $75 level as support and see a break below this level. Consolidation below this level may let the stock see a further downwards push.

Micron is a top 10 holding in the following ETF's: First Trust Nasdaq Semiconductor ETF FTXL, QRAFT AI-Echanced U.S. Next Value ETF NVQ, and Invesco Dynamic Semiconductor ETF PSI