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MU Chart is Lighting Up

MU flashed four buy signals, completed a breakaway gap


Micron Technology (NASDAQ:MU) – This company makes semiconductor devices, primarily DRAM, Nandi Flash memory, and other products for mobile computing products. Credit Suisse analysts have an “outperform” on the stock, emphasizing MU’s continued execution of its strategy to diversify and upgrade its product line. Their 12-month target for MU is $12. 

On Feb. 27, the stock jumped nearly 8% following the bankruptcy of a key rival. Technically MU has had high accumulation since the beginning of the year, executed a golden cross (long-term buy signal), and recently flashed a stochastic buy signal. 

MU was included in the Top Stocks to Buy for March because of positive technical signals including a breakaway gap on Feb. 27. 

Since then, several more positive signals have flashed, including a “buy” from its MACD and Parabolic indicator*, all of which confirm the likelihood of MU reaching our technical trading target of $12.

*The Parabolic Time/Price indicator’s purpose is to allow for movement at the early stages of a trade but uses very tight stop-loss points as the trade develops. It is used by many very short-term and day traders, but is often an early signal of a developing major move.

Trade of the Day – Micron Technology (NASDAQ:MU)
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