Chip Maker Shows Technical Downside
InTheMoneyStocks.com | Jan 30, 2018 01:41PM ET
Shares of Micron Technology (NASDAQ:MU) broke below major stock chart support on Tuesday. This signals the next major leg lower in the stock's price, ultimately headed to $34. While the media and analysts have been high on Micron, the chart has spoken differently.h3 Target/h3
While many chip stocks made new all-time highs in the last week, Micron topped out back in early November, 2017 at $50. Since then, it has fallen nearly 20% into Tuesday. The breakdown can be seen on the chart below. Note the target is a key gap fill, also near the daily 200 moving average.
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