Micron Technology (MU) – [Technical Outlook ]
Micron Technology, Inc. is an American producer of computer memory and computer data storage including dynamic random-access memory, flash memory, and USB flash drives.
It has actually beat earnings estimates in sept but share of Micron Tech was down as it failed to impress Wall Street with its outlook. The memory maker reported fiscal fourth-quarter net income of $2.72 billion, which amounts to $2.39 a share, compared with a net profit of $988 million, or 87 cents a share, in the year-ago period.
Micron (MU) said that it expected fiscal first-quarter earnings of roughly $2 a share, on revenue of about $7.65 billion. Analysts have been forecasting earnings of $2.53 and revenue of $8.54 billion. Chip shortage continue to hinder growth and of course led some of the selling.
Technical outlook
Chart source: : Poems2.0.com
We can see that MU has form a nice little base at around the $65 range and from there start to move up slowly. From the chart, it is currently near the 50ema and also the downtrend line. If MU manages to break above these resistance of around $71, we might see further upside to $76 then $78. Downside support is around $68 then $65.
With the current positive sentiments out there, MU does look like it might have more room to move up.
Keep a close watch on it!
Yours
Humbly
Kelwin&Roy
