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Possible Bullish Inside Day Candle Pattern Detected for Micron Technology (NASDAQ:MU)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Micron Technology (NASDAQ:MU) based on the price action in the company's shares. Today's price range of $12.62 and $13.00 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. Traders and investors interested in shares of Micron Technology may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

There is potential upside of 63.7% for shares of Micron Technology based on a current price of $12.89 and an average consensus analyst price target of $21.10. Micron Technology shares should encounter resistance at the 200-day moving average (MA) of $14.06 and support at the 50-day MA of $10.83.

In the past 52 weeks, Micron Technology share prices have been bracketed by a low of $9.35 and a high of $20.57 and are now at $12.89, 38% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 1.3%.

SmarTrend recommended that subscribers consider buying shares of Micron Technology on May 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.33. Since that recommendation, shares of Micron Technology have risen 7.9%. We continue to monitor MU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Micron Technology

Ticker(s): MU