The question on everyone's mind: Will MICRON TECHNOLOGY INC breakout?

Our stockscreener has identified a possible breakout setup on MICRON TECHNOLOGY INC (NASDAQ:MU). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:MU for potential opportunities.

In-Depth Technical Analysis of NASDAQ:MU

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.

We assign a technical rating of 7 out of 10 to MU. 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 gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that MU is one of the better performing stocks in the market, outperforming 90% of all stocks. We also observe that the gains produced by MU over the past year are nicely spread over this period.
• MU is part of the Semiconductors & Semiconductor Equipment industry. There are 106 other stocks in this industry. MU outperforms 78% of them.
• MU is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so MU slightly outperforms the market at the moment.
• In the last month MU has a been trading in the 63.83 - 72.31 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
• Volume is considerably higher in the last couple of days.

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

Why is NASDAQ:MU a setup?

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. There is very little resistance above the current price. There is a support zone below the current price at 66.06, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:MU

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.