Micron Technology MU-Q declined from $98.44 in January 2022 to $51.41 in July (A-B) below a falling trendline (dotted line) and below the falling 40-week Moving Average (40wMA).
The stock traded within a wide horizontal trading range mostly between $50 and $65 for almost a year (dashed lines). The recent rise above the top of this range signaled a breakout and the start of an uptrend (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish status. The stock is currently in the midst of a minor correction for a better entry. There is good support near $63; only a sustained decline below $60 would be negative.
Point & Figure measurements provide targets of $79 and $84. The large trading range (dashed lines) supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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Monica Rizk