Micron in a free fall - Analysis - 07-09-2018

Micron Technology's stock skidded 9.87% in the last session, or 4.89 points, piercing the support of 45.76, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 26.85 to 64.66), with negative pressure from the 50-day SMA, coupled with negative signals from the RSI, amid a surge in trading volumes. 

Therefore we expect more losses for the stock, as long as it settles below 45.76, targeting the next support at 41.29, which represents the ratio 61.8% of the same retracement levels mentioned above.