Micron Pulls Back
Micron Technology has rallied as AI fuels demand for high-bandwidth memory, and some traders may see opportunities in its latest pullback.
The first pattern on today’s chart is the breakout to record highs on March 21 after results beat estimates. MU continued higher over the next three months before stalling and retracing half the rally. That could suggest its uptrend remains in effect.
Second, the chip stock bounced on Tuesday after forming a hammer candlestick on Monday. That may suggest its recent pullback is ending.
Third, the current price zone is near the highs from early April. Will old resistance become new support?
Next, the most recent slide could be viewed as an A-B-C correction pattern.
Fifth, MU is near its rising 50-day simple moving average. That may reflect a bullish intermediate-term trend.
Finally, stochastics have reached an oversold condition.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the breakout to record highs on March 21 after results beat estimates. MU continued higher over the next three months before stalling and retracing half the rally. That could suggest its uptrend remains in effect.
Second, the chip stock bounced on Tuesday after forming a hammer candlestick on Monday. That may suggest its recent pullback is ending.
Third, the current price zone is near the highs from early April. Will old resistance become new support?
Next, the most recent slide could be viewed as an A-B-C correction pattern.
Fifth, MU is near its rising 50-day simple moving average. That may reflect a bullish intermediate-term trend.
Finally, stochastics have reached an oversold condition.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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