Week 38 of 52 | MU Back at $927—What Now?
Back in Week 31, we marked $1,030–$1,060 as our first upside target if Micron reclaimed $960. MU reached the lower end of that zone, but sellers stepped in before it could move higher.
Now the stock is back around $927, below the same $930–$960 area we were watching in July. That puts the recovery under pressure again.
The rebound from $700–$750 was strong. Buyers defended the major demand zone and eventually pushed the stock back toward $1,030. But NASDAQ:MU has struggled to hold those gains, and the latest rejection leaves that resistance firmly in place.
$930–$960 is the immediate test.
I want to see a daily close above $960, followed by a pullback that holds the zone. That would make another move toward $1,030–$1,060 more convincing. Clearing that resistance would then bring $1,150 and the previous high near $1,247 back into view.
Until then, there is still a risk that any bounce into $930–$960 attracts more selling.
Below the current price, $850–$875 is the support I am watching. A pullback there could offer a setup, but only if buyers actually defend it. If that zone fails and MU cannot recover it, $790–$810 becomes the next reference, followed by $700–$750.
The business argument from our previous idea still matters. Micron’s record quarter and strong outlook gave investors a reason to buy the correction. But those numbers were already known in July. The question now is whether memory demand and pricing can keep earnings elevated long enough to justify the stock’s recovery.
That is the challenge with MU. Strong earnings can support the bull case, while investors still worry about what comes after the strongest part of the cycle.
Around $927, I do not see a reason to rush. The stock is sitting below resistance, with room to fall before reaching its next support. I would rather see $960 reclaimed and defended, or a clear buying reaction around $850–$875.
Our first target was reached. Now MU needs to hold its next recovery attempt if we are going to look higher.
This analysis is for educational purposes only and does not constitute financial advice.
TITradingView Ideas14 Sept