Micron (MU) pulled back more than 24% over the past few weeks, but has finally started to base off of the 850 level, and as a result, has started to create a double bottom as well.
Today it confirmed and broke out of that double bottom base that it formed and sets up for a move back to 1050-60 area. If that level clears, then I would watch for the previous highs at 1,100, and then all time highs back at 1250.
Overarching it all though is the massive symmetrical triangle that MU is currently trading inside of. However, when it comes to symmetrical triangles, this is one of the patterns that it doesn’t do a great job with, and on average it underperforms its sector and the overall market with the same pattern.
However, the last time it exhibited this pattern was back in April of 2025, and it blasted higher, providing a 24% profit within just 5 days.
Now keep in mind, this stock in general is in the 99th percentile in terms of relative strength vs the sector, but on the downside, the gappiness is a huge issue as it rests in the 96% overnight gaps. So far this year, it has already broken its personal all-time record of 147 gaps, made last year, with 157 so far this year.
Lastly, when it comes to market performance, the month of November is the 3rd weakest month for MU, only outperforming 38% of its peers.
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