Shares of one of the world’s largest semiconductor chip manufacturers, Micron Technology (NASDAQ: MU) traded with a bid tone for the entire last week, the stock gained almost 9% last week. Micron Technology was founded in 1978 as a joint venture between Intel Corporation and Advanced Memory Systems. The company specialized in memory and storage solutions for both consumers and enterprise applications. The memory-chip maker trades on the NASDAQ under the ticker MU and Micron’s market capitalization currently sits at $66.34 billion.
Micron is scheduled to report the second-quarter financial report this week, which is due out after the close on Tuesday, March 28. The company is expected to post a quarterly loss of $0.62 per share and revenues are expected to be $3.78 billion.
$MU technical outlook
The stock is set to bounce further over the long term If the company fundamentals trend in a positive direction and overall market sentiment improves. Micron stock has now formed a perfect double bottom and built a support zone at $48.43, and as long it can remain above this zone, we can expect further upside move to $70/72. On the downside side, the bears need to see a confirmed break below the crucial support $48 area to objectively tell us that the recovery has ended. And for the short term, the immediate support at $58.50 followed by $57.
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