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Good technical signals and a possible breakout for MICRON TECHNOLOGY INC.

By Mill Chart

Last update: Jul 11, 2024

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.

MU Daily chart on 2024-07-11

Analyzing the Technical Aspects

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 10 out of 10 to MU. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, MU is showing a nice and steady performance.

  • 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.
  • Looking at the yearly performance, MU did better than 97% of all other 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 107 other stocks in this industry. MU outperforms 91% of them.
  • MU is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so MU is lagging the market slightly.

Our latest full technical report of MU contains the most current technical analsysis.

Looking at the 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:

Besides having an excellent technical rating, MU also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 131.52, a Stop Loss order could be placed below this zone.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NASDAQ:MU and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.



NASDAQ:MU (7/10/2024, 7:16:40 PM)

Premarket: 135.95 -0.44 (-0.32%)


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