Micron (MU) has been oscillating near support for a month. Today it surged almost 10% completing a small basing h/s pattern. The impressive rally also had 43 million shares trading with an average trade of 25 million.
With the indicators on the low side and a lot of technical breakouts on the move today, the volume suggests a lot of people are interested in this stock going higher. This was the largest up day on big volume since the volume burst off the October lows. The Semiconductor Industry Group is in the green zone on the RRG so that is also supportive.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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