Possible Bearish Inside Day Candle Pattern Detected for Micron Technology (NASDAQ:MU)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Micron Technology (NASDAQ:MU) based on the price action in the company's shares. Today's price range of $17.50 and $17.77 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 Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Micron Technology has overhead space with shares priced $17.57, or 16.7% below the average consensus analyst price target of $21.10. The stock should find initial support at its 200-day moving average (MA) of $14.06 and further support at its 50-day MA of $10.83.
Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.
Micron Technology share prices have moved between a 52-week high of $20.57 and a 52-week low of $9.35 and are now trading 88% above that low price at $17.57 per share. The 200-day and 50-day moving averages have moved 1.28% lower and 0.42% lower over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of Micron Technology on July 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.11. Since that recommendation, shares of Micron Technology have risen 23.9%. We continue to monitor MU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle Micron Technology