Micron Chart Analysis Post Earnings

Micron Technology (MU) has been a dud since its earnings by not providing a move hardly of any kind. However, the technical analysis paints a much bigger picture, as it managed last month to breakout of a symmetrical triangle, but then only consolidate since gapping through and confirming the pattern.

Now price is attempting to break below the pennant that has recently formed and retest the rising trend-line off of the April lows. In doing so it would break through the support at 1050. If this plays out, it means that a retest of the 984 level would be the next likely destination.

From a risk standpoint though, trying to short a stock like MU is very difficult, as it remains in the best sector and industry, and both are greatly outperforming the market. So trying to get short with those kinds of headwinds is a hard pass for me.