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- 3/15/2024 -
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Micron Technology (MU) Technical Analysis

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Summary:
Weekly :Overbought sector
Daily :Stochastic signal line moved below overbought areaDaily  MACD line has moved below its signal linePrice is near the Fibonacci 23.6% retracement level
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It was the negative week for the Micron Technology (MU). During the week, the MU dropped -4.37 points, or -4.48%, and closed at 93.25 on Friday, March 15, 2024. Weekly volume was 21% above average.

MU is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See MU long-term trend chart]
A long-term uptrend had started on December 22, 2022 at 48.43 and reached 101.84 on March 8, 2024. MU gained -53.41 points, or -110.28%, in 63 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 76.45 and resistance is at 99.60. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See MU medium-term trend chart]
A medium-term uptrend had started on February 20, 2024 at 79.15 and reached 101.84 on March 8, 2024. MU gained -22.69 points, or -28.67%, in 2 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 97.64 and resistance is at 90.99. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a medium-term trend.

Weekly Technical Indicators: [See MU weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since November 3, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See MU short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 101.84 and reached 90.30 on March 14, 2024. MU lost 11.54 points, or 11.33%, in 6 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See MU daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.00
Williams' Percentage Range (W%R) 41.20
Lane's Stochastic (%D-Slow) 33.54
Greed/Fear Indicator (GFI) 49.43
Moving Average Converg./Diverg. (MACD) 2.65
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 67.48
Williams' Percentage Range (W%R) 24.70
Lane's Stochastic (%D-Slow) 66.24
Greed/Fear Indicator (GFI) 65.87
Moving Average Converg./Diverg. (MACD) 5.06
Trading Signals
Description Value Chart
Upper Bollinger Band 103.12
Parabolic System 101.03
Quarterly Trendline Resistance 99.60
Weekly Trendline Support 97.64
Weekly Stochastic Crossing 94.88
Daily Stochastic Crossing 93.88
Price 93.25
20 Day Moving Average 91.18
Weekly Trendline Resistance 90.99
50 Day Moving Average 87.59
Lower Bollinger Band 80.62
Quarterly Trendline Support 76.45
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Semiconductors 59
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 101.84
High Date 03/08/2024
Low 90.30
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Valid
Resistance 90.99
Support 97.64
Low 79.15
Low Date 02/20/2024
High 101.84
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 60.50
Low Date 07/06/2023
High 101.84
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 99.60
Support 76.45
Low 48.43
Low Date 12/22/2022
High 101.84
High Date 03/08/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 98.45
High Date 01/05/2022
Low 48.43
Low Date 12/22/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.