Micron: Bottom Fishing The Buy Signals (Technical Analysis)

Summary:

  • We correctly identified Micron Technology’s short-term Sell signal and long-term Buy signal, with recent earnings confirming the long-term Buy outlook.
  • The weekly chart shows a switch from a Sell to a Buy signal, with MU outperforming the Index and forming a bullish double bottom.
  • Short term, MU’s price is dropping due to day traders filling the gap from panic buying, but we don’t expect it to retest the bottom.
  • The Company is on our Model Portfolio Watchlist with a low SID score, but we anticipate a 32% move up, supported by strong analyst and Quant ratings.

Micron Technology Inc. One of american leader in semiconductor devices, dynamic random-access memory, flash memory, USB flash drives, solid-state drives.

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In our last article, we correctly identified Micron Technology’s (NASDAQ:MU) short-term Sell signal but were surprised at how low that Sell signal would take the price. We also correctly identified MU as a long-term Buy, and now that earnings


Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in MU over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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