Micron Technology receives positive support - Analysis - 30-03-2023

Economies.com
2023-03-30 12:50PM UTC

Micron Technology's stock (MU) rebounded in the intraday levels after presenting a strong quarterly outlook, sending the stock up 7.19% in the last session, or 4.26 points, settling at 63.54, with trading volumes approaching 52 million shares, above 10-day averages of 21.4 million shares. 

 

The gains come after leaning on the 50-day SMA after retesting the main downward trend line that was breached earlier, helping the stock to gather momentum and tackle the pivotal resistance of 64.44, despite negative signals from the RSI after reaching overbought levels. 

 

Therefore we expect more gains for the stock, targeting the resistance of 74.73, especially if the initial resistance of 64.44 was pierced. 

 

Expected trend for today: Bullish

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