Today’s instrument is the Micron Technology stock traded in the Nasdaq exchange under the ticker MU.
When we look at the MU’s chart, we can see its been trading in a channel for the past month between support of $80.80 and resistance of $87.80, whereas it is currently traded at $82.15.
Micron Technology has announced its quarterly earnings last night, which had beaten the expectations, therefore today we expect its price to climb and test its resistance level at around $87.80.
If able to pass it, then it should approach its next resistance level at around $89 otherwise it could drop back towards its support level at around $83.50.
(Click on image to enlarge)
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