Will MICRON TECHNOLOGY INC breakout?

We've identified MICRON TECHNOLOGY INC (NASDAQ:MU) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:MU for further developments.

What is the technical picture of NASDAQ:MU telling us.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, MU scores 9 out of 10 in our technical rating. In the last year, MU was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the yearly performance of all stocks, we notice that MU is one of the better performing stocks in the market, outperforming 95% of all stocks. On top of that, MU also shows a nice and consistent pattern of rising prices.
• MU is one of the better performing stocks in the Semiconductors & Semiconductor Equipment industry, it outperforms 90% of 107 stocks in the same industry.
• MU is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so MU is performing more or less in line with the market.
• In the last month MU has a been trading in the 105.72 - 129.70 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of MU

How do we evaluate the setup for NASDAQ:MU?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:MU scores a 8 out of 10:

MU has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 108.31, a Stop Loss order could be placed below this zone.

Trading setups like NASDAQ:MU

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.