Micron Stock: MU Stock Price prepares to react in Earnings

• Micron Stock Price (NASDAQ: MU) forming a bullish continuation pattern.
• MU Stock Price sustained above the 50 and 200 day EMA showcase uptrend.
• Micron Technology scheduled Quarterly Earnings on June 28, 2023.

Micron Stock Price (NASDAQ: MU) corrected 13% approx from the 52 week high and buyers trying to defend the $65.00 support. MU Stock Price is in positive momentum and rising upward by forming higher high swings. 

Micron Stock sustains above 50 and 200 day EMA shows short term trend as well as positional trend is in upward direction. It displayed a golden crossover which is boosting the confidence of long term investors. 

In the mid of May, MU Stock broke out of the higher range of consolidation and expanded upward. It rallied 16% approx in the short span of time and hit a 52 week high at $74.77. 

Later, MU Stock Price faced minor corrections and re-tested the breakout level. If the buyers are able to defend the $65.00 support then positive momentum will continue. 

Well, the MU Stock Price has rallied a lot in the past few months. So, it might enter into a narrow range consolidation for some time before deciding the further direction. 

The Price fluctuation is quite stable So, the possibility of sharp up-move or down-move is low. Micron Stock Price closed the previous session at $65.45 with an intraday rise of 0.26%. The market capitalization stands at $71.63 Billion. 

Will Micron Stock Turn Bearish After Earnings?

NASDAQ: MU daily chart by TradingView

Micron Stock Price performs well ahead of Quarterly Earnings. The trend is still bullish and the momentum is still intact. Micron Technology scheduled the Earnings on June 28, 2023. 

Market analysts estimated an EPS of -$1.61 and Revenue of $3.65 Billion. If the company succeeds in meeting the estimates then stock prices might take a U-turn and continue to rise upward. 

However, if the company missed the estimates then the probability of breakdown will increase. The short term down move toward $60.00 will be easily absorbed and buyers will try their best to rebound. The confirmation of the bearish trend reversal will be visible when prices drop below $60.00. 

MU Stock Price is in Uptrend

MU Stock Price is in uptrend and remains bullish till it sustains above the $60.00 support. Presently, the prices are in a correction phase but the quarterly earnings will give the next direction to the stock. 

The MACD displayed a negative crossover and the curve is sloping downward. It indicates bearishness and sellers are getting active on higher levels. The RSI at 46 sloping sideways denotes neutral territory and equal level of tug of war between buyers and sellers. 

Conclusion 

Micron Stock Price (NASDAQ: MU) corrected 13% from the highs before the release of Quarterly Earnings. If the company succeeds in meeting estimates then the stock price might show positive momentum.

The technical analysis suggests MU Stock might see bearish trend reversal after earnings.

Technical levels

Resistance levels: $70.00 and $75.00

Support levels: $60.00 and $54.00

Disclaimer

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