On Monday, after market, Micron Technology (MU) is anticipated to release third quarter EPS of $0.74 compared to $1.05 a year ago on revenue of approximately $5.3B vs. $4.8B last year. The company manufactures memory chips and on June 13th, United Microelectronics, one of Taiwan's largest wafer operators was ordered to pay a NT$100M (USD$3.36M) fine by a district court in central Taiwan after the company and three of its employees were found guilty of stealing trade secrets from Micron Technology, according to Focus Taiwan CNA English News.
From a chartist's point of view, on a daily chart, Micron Technology's stock price recently slipped below the lower trend line of an ascending wedge pattern that price has been rising within since mid-March. The RSI has also fallen below a bullish trend line and is currently sitting just below 50, a bearish signal. Price is expected to hold under the lower trend line and break the $47.00 support level. If support is broken then that will clear a path towards the $43.00 level. If price is able to hold above the $47.00 support level then price could regain momentum and spike upwards back into the ascending wedge pattern. If that were to occur we would expect price to continue the up trend and head for a retest of the $53.00 resistance.
Source: GAIN Capital, TradingView
From a chartist's point of view, on a daily chart, Micron Technology's stock price recently slipped below the lower trend line of an ascending wedge pattern that price has been rising within since mid-March. The RSI has also fallen below a bullish trend line and is currently sitting just below 50, a bearish signal. Price is expected to hold under the lower trend line and break the $47.00 support level. If support is broken then that will clear a path towards the $43.00 level. If price is able to hold above the $47.00 support level then price could regain momentum and spike upwards back into the ascending wedge pattern. If that were to occur we would expect price to continue the up trend and head for a retest of the $53.00 resistance.
Source: GAIN Capital, TradingView
