Micron Technology (MU) looks like it is about to break a longer term downtrendline. A stock that breaks a downtrendline is likely to go higher.
The trendline we are talking about is a weekly trendline. So this is more for the attention of longer term investors rather than the trader. But now and then, it is always good to be aware of what is happening to a stock.
The chart above shows the weekly chart of MU. It is still in a nice weekly uptrend and currently it might be trying to break above a down trendline as it meets the rising weekly 20 MA.
The above is the quarterly chart of MU.
There is support nearby as old highs overcome now becomes new support.
The daily chart shows that MU is trading erratically. But the stock shows that it is still above its rising 200 MA which indicates a long term uptrend is still intact. The 200 MA might also act as support. Investors will be looking to see if it can trade above the downtrendline.
If MU can break above this longer term downtrend line, it may be the begin of another nice run up in the stock.
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