Street Fades Goldman Sachs Downgrade Of Micron Technology To Sell

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Micron Technology MU shares are trading higher by $0.14 at $24.61. The rally is taking place despite a downgrade from one of Wall Street's most respected firms, Goldman Sachs. Before the open, the firm downgraded the issue to ‘Sell" and predicted up to 22 percent decline could be forthcoming. The move instigated a lower open ($24.14 vs, Friday's close of $24.47), but only had another $0.14 of downside before sharply reversing course. That level is just above the pair of lows in the issue from last week on Monday ($23.70) and Tuesday 9$23.80). Those lows marked the lowest level for Micron since it bottomed on April 17, 2014 at $23.03. So far, it has gone green for the session, reaching $24.69 and not backing off from it. If the rally continues, there may be additional resistance at Friday's high ($24.97).