By Mill Chart
Last update: Oct 10, 2023
Our stock screener has identified MICRON TECHNOLOGY INC (NASDAQ:MU) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:MU.
Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various 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.
For an up to date full technical analysis you can check the technical report of MU
In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:MU has a 8 as its setup rating:
MU has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 69.04, a Stop Loss order could be placed below this zone.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.
More breakout setups can be found in our Breakout screener.
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.
MICRON TECHNOLOGY INC
NASDAQ:MU (4/19/2024, 7:05:32 PM)
After market: 106.22 -0.55 (-0.52%)106.77
-5.16 (-4.61%)
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