Micron Tech: Technical Update

 

Micron Tech (MU), daily chart

After issuance of our research report on Micron (MU), a strong rally of about 7.7% transpired, pushing the stock to the first price target of ~$90, presenting a profit-taking opportunity.

Micron has now reversed on high volume amidst the pullback in NASDAQ today. $85 and below will be good to accumulate this growth stock in the face of unprecedented semiconductor shortages further exacerbated by an exuberant, rapid growth of data centers. Prices remain technically supported by the 100SMA, and a bottom of about $83-84 might be observed in the coming trading days. At worst, an entry price of $80 will be possible. It is extremely unlikely for prices to go below $70.

Previous price targets remain unchanged.