MU breaks below prior session low


Micron Technology (MU) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
MU dominated by bears dragging the market lower throughout the day
MU breaks below 20-day moving average
MU closes lower for the 3rd day in a row
MU breaks below previous session low
MU falls to lowest close since June 4th
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for MU
Volatility

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.

Support/Resistance

Prices are trading close to the key resistance level at 60.14.

Trend

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.

Order Flow

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.

Conclusion

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
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MU finds buyers again around 57.11

Jun 19, 2018
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