Micron Technology Set To Break Out
November 04, 2011 2:28 PM
Shares of Micron Technology (NASDAQ: MU) are trading higher on the session by 1.20%, at $5.91. The stock has been creeping higher throughout the session and busted through positive territory a few minutes ago.
Micron Technology has been consolidating between the 20-day and 50-day moving averages for the past three weeks and now appears ready to resolve itself higher. The move above $5.90 has triggered the possible breakout; shares now need to close and hold the level to confirm.
If MU holds above $5.90, a move up to the $6.44-6.77 level is likely. In addition, if shares can make that move, it would put the medium to long-term prospects for the stock decidedly bullish.
Note that Micron Technology has 5.08% short interest.
Micron Technology, Inc. is a manufacturer and marketer of semiconductor devices, principally dynamic random access memory, Nandi Flash memory, NAND Flash and NOR Flash memory, as well as other innovative memory technologies, packaging solutions and semiconductor systems for use in leading-edge computing, consumer, networking, embedded and mobile products.
