Micron Technology Stock Is Getting Ready To Break A Key Level

Micron Technology Inc. MU shares were trading higher Wednesday. The stock looks to be forming a pattern and could see a breakout soon

Micron Technology Daily Chart Analysis

• Shares look to be trading in what technical traders call a bullish flag pattern and could see a breakout soon.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock is likely turning bullish.
• Each of these moving averages may hold as a possible area of support in the future.
• The bullish flag occurs after a bullish run where price falls in a downtrending channel until price breaks over resistance or under support.
• The Relative Strength Index (RSI) has been moving higher and now sits at the 60 mark. This means there are more buyers in the stock than there are sellers.

What’s Next For Micron Technology?

Bullish traders would like to see the stock break above the pattern resistance and start moving higher. Bulls want to see the stock breakout and move higher. After a breakout they'd like to see the stock consolidate while holding its gains.

Bears would like to see the stock fall below the pattern support and start to move lower. If the stock can stay lower than pattern support and consolidate, it could see a further downward push.