Micron Technology Inc. (NASDAQ:MU) shares are trading lower Wednesday alongside many other chip-maker stocks, which are also likely cooling off this week after gaining ground last week.
Micron Technology was down 1.66% at $74.65 at last check Wednesday.
Micron Technology Daily Chart Analysis
- Shares saw a possible move below support in what technical traders would call a sideways channel.
- The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock has been bearish.
- Each of these moving averages may hold as an area of resistance in the future.
- The $95 level has held as resistance in the past and may continue to in the future, while the $75 level has held as support in the past and may hold again.
- The Relative Strength Index (RSI) has been dipping lower throughout the week and now sits at 39. This shows there was a strong presence of selling pressure in the stock during the week.
What’s Next For Micron Technology?
Bullish traders would like to see the stock bounce back and recover the $75 level. Bulls would then like to see the stock start forming higher lows and move upward.
Bears would like to see the stock fall lower and stay below the $75 support line. If the stock could begin to hold the $75 level as resistance it may be ready for a further downward push.
See also: HOW TO BUY MICRON TECHNOLOGY, INC. (MU) STOCK
Photo: Courtesy Micron Technology
