Micron Tech - Weekly

Micron is scheduled to report its quarterly earnings on Wednesday. The tech company is expected to report an EPS of $1.59 on revenue of $3.67bn.

Also taking a look at Micron today as the tech company and Nasdaq constituent is reporting earnings on Wednesday. From a technical overview, we can see the price has finally broken out into the upside and above the tough resistance (red trendline), or respectively, $66.55. It has now dipped below this price level and is trading at around $65.24 a share. Though it still has support below and the bias remains bullish. The support is sat along the ascending trendline (white) at $61.88. Only a break and close below this support trendline could indicate that a reverse move has occurred. If this was the case, we would then look at support levels sitting at $59.56 then at $57.37, and finally at $56.01. The support base sits at $47.12 (green trendline). Towards the upside, the previous tough resistance of $66.55 is acting as the next resistance once again, followed by $70.86 and then the key level of $75.51. A move above $75.51 may open the route towards the $80 mark. Over to the technical indicators, MACD is positive but looks like it could turn neutral and RSI is neutral as it reads 53.