Potential Trendline Breakout in Micron TechnologyMicron Technology has held up better than most big technology stocks. Now it could be showing some interesting patterns to the bulls.
First, consider how the memory-chip maker’s low in 2022 is $65.86, or $0.19 above the level where it bottomed in October. In contrast the broader Philadelphia Semiconductor Index recently hit levels from March 2021. MU’s ability to hold its fourth-quarter highs is a potential sign of relative strength.
Next you have the falling trendline that began in March 2022. Prices bucked this resistance in mid-May and now seem to have moved through it.
Third, the bounce has planted the stock above its 50-day simple moving average (SMA). The 8-day exponential moving average (EMA) is also above the 21-day EMA, which may indicate its short-term trend has turned bullish.
Finally, MU has a strong earnings history. It tried to rally after the last two reports but was swept lower along with the broader market. That may give buyers a reason to return to the company.
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