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Micron's first-quarter guidance was above the consensus expectations. The company also raised its capital spending forecast.
In reaction to the results and the outlook, Micron shares surged up 8.5 percent on Wednesday before settling at $37.09, which marked the highest level since March 8, 2002. The stock has augmented its gains Thursday and was up 1.43 percent at $37.52 at time of writing.
The sell-side went into a frenzy, raising price targets for the shares of the company.
From a closing high of $36.07 last Friday, the stock pulled back by 5.23 percent over two sessions to $34.18 ahead of the results. With the Street getting it wrong on the results, the market doubled up on its reaction, sending the stock sharply higher, as the memory chipmaker surprised to the upside.
The move is significant, as the stock took out nearly a 3-year high of $36.59 from December 2014, from where it tumbled to a low of $9.31 in January 2016. This marked a pullback of about 75 percent in a little over one-year timeframe.
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The current uptrend, which has seen the stock shoot to a 15-1/2 year high from an August 11 low of $26.85, looks overstretched. From the low to the intra-day high of $37.62 on Thursday, the stock has advanced about 40 percent.
With the stock advancing unhindered, owing to a lack of resistance, it may have a free passage until it meets with a pair of monthly highs from February 2002, which is at 39.45, and March 2002, which is at $39.50.
Investors may do well to watch out for the closing level to see whether the momentum seen in Micron shares is weakening. On further gains, the stock could face a major roadblock around its 2002 highs.
On the downside, the $31-$32 area could offer support, as the stock recently formed a triple top around this area. Additionally, the stock's 50-day SMA is currently at $31.50, strongly supporting it.
Joel Elconin contributed to this article
Related Link: Wall Street Analysts Ride The Micron Earnings Train______Image Credit: By The original uploader was Prattflora at Chinese Wikipedia - Transferred from zh.wikipedia to Commons by Shizhao using CommonsHelper., CC BY-SA 2.0, Via Wikimedia CommonsCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.