As we can see from the past, Micron Technology has already fired a few times in price and is not ATH (all time high). This was recorded on the market at the turn of the year 2000/2001.
Let’s look at the current situation on the chart. At the beginning of 2013, rapid growth began to take place until 2015, when the market was doing pretty. In particular, the company has grown from nearly $ 5 to a record $ 37. This was an exponential growth when the market was made hundreds of percent in two years.
As a support, the market considered white trendline and technical S / R levels. The current situation looks very similar. After a longer expansion in the market, a correction occurred when a new cycle started in this company. We can notice that the current market has shrunken the steep trendline (just like in the past) and the market has shifted downwards.
We also have strong support and resistance on the chart, which the market reacts strongly to. But I would highlight the green band from which the market bounced upwards. Very large purchases have been traded in this area and we can considet it as a strong S / R zone.
MACD still did not cross over, but the MACD Histogram weakened, meaning that the bear slowly lost its dominance. At RSI, we drew down the trendline and we are currently on negative levels. If the market breaks it up, we can expect short-term growth. However, as I mentioned, there is room for the drop here, but a lot of purchase orders can be accumulated in the marked zone. This analysis serves only as educational content and cannot be used as investment advice. In trading, I recommend that you adhere to strict money and risk management.