Micron Technology breaches current support - Analysis - 05-07-2022

Micron Technology's stock (MU) declined in the intraday levels after the chips maker said last quarter financial results won't match expectations, with the stock tumbling 2.95%, or 1.63 points, settling at 53.65, with trading volumes surpassing 43.6 million shares, above 10-day averages of 20.8 million shares. 

Technically, the stock is declining alongside the downward short-term trend line, with negative pressure from the 50-day SMA, piercing the current support of 53.60, amid negative signals from the RSI.

Therefore we expect more losses for the stock, targeting the first support at 46.50, provided the support of 53.60 was breached. 

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Expected trend for today: Bearish