Micron May Be Stalling
By:TradingView
Micron Technology has spearheaded a surge in memory stocks since the summer, but some traders may think it’s stalling.
The first pattern on today’s chart is the price action between January 28 and February 3. It widened into a large bearish engulfing candle, then narrowed with an inside day and was followed by a sharp drop on February 4. That may be viewed as a potential top.
Second, MU since has stayed below the resulting range around $430. It has also made slightly lower highs.
Third, the 8-day exponential moving average (EMA) crossed below the 21-day EMA and MACD is falling. Those signals may indicate that the short-term trend has grown bearish.
Fourth, prices ended last week below the 50-day simple moving average for the first time since August -- a potential sign of intermediate-term weakening.
Traders may next eye the February 4 low of $363.90 as potential support. Would a close below that level trigger more selling?
Finally, MU is a highly active underlier in the options market. (Its average daily volume of 433,000 contracts ranks ninth in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
The first pattern on today’s chart is the price action between January 28 and February 3. It widened into a large bearish engulfing candle, then narrowed with an inside day and was followed by a sharp drop on February 4. That may be viewed as a potential top.
Second, MU since has stayed below the resulting range around $430. It has also made slightly lower highs.
Third, the 8-day exponential moving average (EMA) crossed below the 21-day EMA and MACD is falling. Those signals may indicate that the short-term trend has grown bearish.
Fourth, prices ended last week below the 50-day simple moving average for the first time since August -- a potential sign of intermediate-term weakening.
Traders may next eye the February 4 low of $363.90 as potential support. Would a close below that level trigger more selling?
Finally, MU is a highly active underlier in the options market. (Its average daily volume of 433,000 contracts ranks ninth in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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