MU breaks below prior session low
Moving lower for the 3rd day in a row, MU ended Thursday at 59.18 losing $0.87 (-1.45%). Today's closing price of 59.18 marks the lowest close since June 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 60.02, Micron Technology confirms its breakout through the prior session's low having traded $1.35 below it intraday.
Thursday's trading range was $1.90 (3.14%), that's slightly below last trading month's daily average range of $2.15. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
Prices are trading close to the key resistance level at 60.14.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share broke below the 20-day moving average at 59.35 today for the first time since April 19th.
As prices are trading close to June's low at 56.62, downside momentum might accelerate should the market mark new lows for the month.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.
Market Conditions for Micron Technology
|In-Neck Pattern||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
|Close near high of period||TQ Pro Members Only|
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