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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.
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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
Crypto 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.