Leading semiconductor stock, Micron Technology Inc (MU), just plunged below its important 50 and 200-day moving averages. Today, the stock is trading lower by 4.8% to $76.36 a share. Micron (MU) stock actually topped out on April 12, 2021 at $96.96 a share. Since that pivot top, the shares have steadily made lower highs on the daily chart which is a bearish signal.
The next major chart support level for Micron Technology Inc (MU) stock is around the $64.00 level. This important support area is where the stock broke out in late November 2020. Often prior breakout levels will serve as excellent support when retested. There is also a key retrace level in this area added to the strength of the support level. This is a price level that should present a solid risk/reward trade setup on the long side.
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