Micron Technology (NYSE:MU) traded in a range yesterday that spanned from a low of $8.14 to a high of $8.53. Yesterday, the shares fell 2.25%, which took the trading range below the 3-day low of $8.34 on volume of 30 million shares.
Shares of Micron Technology are currently trading below their 50-day moving average (MA) of $8.92 and below their 200-day MA of $9.13. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Micron Technology and our subscribers were alerted to Sell on July 01, 2010 at $8.28. The stock has fallen 0.4% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $8.34 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Semiconductor- Specialized industry.