Micron Technology declines alongside downward correctional trend line - Analysis - 14-06-2022

Micron Technology's stock (MU) declined in the intraday levels after Summit Insights downgraded the stock to hold from buy, marking a loss of 6.04%, or 3.78 points, and settling at 58.84, with trading volumes surpassing 24.2 million shares above 10-day averages of 18 million shares. 

The downward correctional trend dominated in the short term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI, after reaching oversold levels. 

Therefore we expect the stock to decline and target the support of 54.20, provided the resistance of 65.87 holds on.

Expected trend for today: Bearish