Back in March of this year we reviewed the chart of Micron Technology and stated it had some great potential to rise again and challenge higher prices. That chart of the week is right here At that point, the 200 ma was looming overhead, and we suggested mounting that level would be a challenge. After a bit of a selloff in the Spring the stock bottomed out in May and has made a nice series of higher highs and higher lows.
The upward channel has a steep slope of price levels but since May the stock has made an impressive move at each point. Above all the moving averages now, we could see the levels of late 2015 challenged, which is about 15% higher from the current price. MACD has renewed a buy signal as volume levels have been quite impressive, higher on all the up sessions. Relative strength has reached a tableau so we could see price come down a bit, but that would be another good buying chance.
