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)