This morning Micron (MU) reported earnings. The chipmaker earned 82 cents on $5.44B of revenue, which beat on both the top and bottom line. Analysts were looking for earnings of 75 cents on $5.27B of revenue. The company also provided guidance that was well above consensus forecasts. Micron expects earnings of 95 cents on revenue of $5.75B – $6.25B, which was well above the consensus forecasts of 79 cents on revenue of $5.46B. At 2:30 PM ET, the stock is up 4.3% on the trading day. Let’s review the weekly cycle analysis.
Micron (MU) Weekly Chart – annotations by askSlim.com
At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim.com Technical Briefing: The weekly cycle analysis suggests that MU is in a rising phase in an overall neutral cycle pattern. Weekly momentum is positive.
On the upside, there is an intermediate-term Fibonacci resistance at 54.76. On the downside, there are intermediate-term Fibonacci supports from 45.77 – 40.18. For the bulls to gain control of the intermediate-term, we would need to see a weekly close back above 54.76.
askSlim.com Sum of the Evidence: MU is in a rising phase with positive momentum. Given the neutral cycle condition, we would expect the stock to trade in a range between 55 and 46 through the summer.
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