MU closes lower for the 2nd day in a row

Micron Technology (MU) Technical Analysis Report for Apr 16, 2018

Highlights

MU closes lower for the 2nd day in a row
MU finds buyers again around 51.32
MU stuck within tight trading range
MU closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 20% Bullish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, MU finished Monday at 51.65 losing $0.58 (-1.11%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily chart for MU

Volatility

Monday's trading range was $1.16 (2.22%), that's far below last trading month's daily average range of $2.44. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 51.10 and 53.49 which it has been in now for the last three days.

Support/Resistance

After having been unable to move lower than 51.58 in the previous session, the share found buyers again around the same price level today at 51.32.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 53.49 where further buy stops might get triggered. As prices are trading close to April's high at 53.50, upside momentum could speed up should the market mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Micron Technology

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