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Micron Is Topping: 1 Chart

Published 05/31/2017, 02:18 PM
Updated 07/09/2023, 06:32 AM
MU
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It may not be shocking to you, but it is to me. Shares of Micron Technology (NASDAQ:MU) are up over 232% in the last year. In May 2016, Micron traded as low as $9.35. Today, Micron hit a high of $31.10. That is an insane move of 232%. While no doubt overbought, the signal that really tells me it may be topping is a trend line stretching back to the major pivot high from 2015. If you connect that high to the early 2017 high, the trend line hits current price. From each of the first two pivot highs, Micron Technology saw a pullback. Therefore, logic dictates a pullback should occur off this pivot high now. I would expect north of 10%.

Micron Technology

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