Micron Expectations
As the company extends its gains, Micron has exceeded my targets, despite market convulsions. Money flow is bullish and relative strength versus the S&P 500 is trending higher.
Technically speaking, Micron’s momentum is controlled by the bulls. PMO shows no hint of slowing.
With premarket price action testing the top of its cup pattern (March), we’re anticipating a handle could form. Lower Bollinger bands have started to turn inward, also suggesting the thrust higher might slow somewhat. That said, we’ve seen a lot of cup patterns lately that failed to form handles. Instead, these stocks lacked sellers to hold back their progress.
Shorts have increased their bearish bets lately, do that will likely add to short-term volatility.
We’ll keep a close watch on the stock in the interim. Earnings expectations are high, so management will really need to impress to keep the stock price at 52-week highs. Stay tuned.
Happy Trading,
Vinny
https://theclosingprint.com/CV_Blog/micron-technology-rbc-outperform-rating-new-price-target-80share/
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