Micron Technology: Tight Flag as 50-day SMA Turns Higher
Micron Technology has staggered since the market crashed in February and March. The chip stock is very sensitive to the economy because of its reliance on the cyclical memory-chip market.
If the global shutdowns continue, MU faces the risk of falling orders and prices. But if things recover, it controls a valuable corner of a strategically key industry.
This feast-or-famine scenario has played out on the chart as MU hugs $45. That level was important in mid-2019 and again last December. The 50-day simple moving average (SMA) also turned positive last week.
MU has a formed a mini-downtrend / bullish flag in the last month that now has breakout potential. With optimism about the economy spreading, buyers may get more active if $45 holds and resistance around $47 breaks.
If the global shutdowns continue, MU faces the risk of falling orders and prices. But if things recover, it controls a valuable corner of a strategically key industry.
This feast-or-famine scenario has played out on the chart as MU hugs $45. That level was important in mid-2019 and again last December. The 50-day simple moving average (SMA) also turned positive last week.
MU has a formed a mini-downtrend / bullish flag in the last month that now has breakout potential. With optimism about the economy spreading, buyers may get more active if $45 holds and resistance around $47 breaks.
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