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Possible Bearish Inside Day Candle Pattern Detected for Micron Tech (NASDAQ:MU)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Micron Tech (NASDAQ:MU) based on the price action in the company's shares. Today's price range of $38.12 and $38.71 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Micron Tech may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Micron Tech share prices have moved between a 52-week high of $64.66 and a 52-week low of $33.82 and are now trading 13% above that low price at $38.35 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1%.

There is potential upside of 91.6% for shares of Micron Tech based on a current price of $38.35 and an average consensus analyst price target of $73.48. Micron Tech shares should first meet resistance at the 50-day moving average (MA) of $40.62 and find additional resistance at the 200-day MA of $49.69.

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), static random access memory chips (SRAMs), flash memory, semiconductor components, and memory modules.

SmarTrend is monitoring the recent change of momentum in Micron Tech. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Micron Tech in search of a potential trend change.

Keywords: bearish inside day candle micron tech

Ticker(s): MU