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

By Amy Schwartz

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 $55.66 and $56.44 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 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.

Micron Tech (NASDAQ:MU) has potential upside of 31.8% based on a current price of $55.74 and analysts' consensus price target of $73.48. The stock should discover initial support at its 200-day moving average (MA) of $14.06 and subsequent support at its 50-day MA of $10.83.

In the past 52 weeks, Micron Tech share prices have been bracketed by a low of $11.50 and a high of $63.42 and are now at $55.74, 385% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 0.4%.

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