Chart of the day

Where do we stand fundamentally?

Micron Technology (MU) is experiencing mixed signals ahead of its Q4 earnings report on September 25, 2024. On the positive side, Micron's DRAM and NAND revenues are expected to see significant growth—both up around 91% year-over-year, driven by the demand for memory chips, particularly in AI applications.

MU is bouncing off the strong support 84. A break above 96 is needed for a run to 120 and higher. Invalidation of this immediate upside extension could come upon a break below 83.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle is 60. As said this extension higher could lead to a 160 target in the medium-term to long-term if the MU breaks above 96. Reversal however and invalidation is possible and a new swing-down retrace to 60 only if we see a break below 83.

_{Try a long trade entry with a narrow stop loss below 78 to target 120 and higher.}