Will Micron Technology Stock Hit New Highs?

Micron Technology Inc. MU stock price holds the $65.00 support and showed a decent bounce. It formed a bullish continuation pattern and succeeded in regaining the 50-day EMA.

Micron Technology stock price is turning bullish and the short-term trend has reversed upward. The stock price bounces back by taking support near the 200-day EMA indicating that buyers are active at lower levels.

In mid-September, MU stock price attempted to break out of the $72.00 hurdle. However, due to the strong presence of sellers, the breakout attempt failed and the price reverted down. It retraced down to the EMA and retested the demand zone.

Micron Technology Inc. released the previous quarter earnings on September 28, 2023. It reported an EPS of -1.07 vs the estimates are -1.144. Also, the reported revenue is $4.01 Billion vs the estimates are $3.956 Billion.

The company beat the EPS estimates by 6.48% and revenue estimates by 1.36%. Due to this, the MU stock price reacted positively and boosted the momentum in the stock.

Micron Technology stock price closed the previous session at $69.08 with an intraday decline of -0.19%.

Will MU Stock Price Sustain Above $70?

MU stock price is recovering and bulls seem to be returning back to the track. The price behavior of stock is quite stable and speculative activities are less. Therefore, the possibility of fake breakout and breakdown remains low.

Till Micron Technology stock price sustains above $65.00, the bulls will remain active. Any short-term retracement toward support will be easily absorbed by the buyers.

At present, the price is near the supply zone. So, if the price faces rejection, then the bears may try to pull it down to the previous low. The analysis suggests a $70.00 breakout is possible and price is likely to sustain the higher levels.

Micron Technology Stock Price Near Supply Zone

Micron Technology stock price is mildly bullish on a weekly and daily time frame. Multiple times, the MU stock price faced rejection from $70.00.

So, sellers are definitely active and may try to reject the price again. Therefore, until the confirmation of the breakout is visible in stock, the investors must be careful.

The MACD curve sloping sideways indicating that the stock might consolidate for some more time before deciding the next direction. The RSI at 51 denotes neutral territory and a balance between bullish and bearish positions.

Conclusion

Micron Technology Inc. MU stock price defends $65.00 support and rises upward by forming a continuous bullish pattern.

The analysis suggests that Micron Technology stock price is in the bulls’ grip and it may hit the 52-week high by November end.

Technical Levels

Resistance levels: $72.00 and $74.84
Support levels: $64.98 and $60.38

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.