MU:Undervalued Stock and Strong Support
Updated
MU has been beaten down lately with a decreasing quarter revenue earnings since 2018 and recently it has established a strong Support Demand Zone at $69. Net margin contraction has also played contributed into the press. Earnings is coming up in October and it is expected to be better. From $69 bottom support to the upcoming resistance at $72/$74 with Fibo of 0.5, the trend has changed to be an uptrend. Gives a solid amount of 7% of upside. Eventually would like to see MU to reach $80 range.
MU's MACD is oversold, RSI oversold and it is crawling to the upside trend making higher highs. Seems like a recovery back up.
Fundamentally and Technically seems good with positive earnings coming up and a strong support rebounding.
MU's MACD is oversold, RSI oversold and it is crawling to the upside trend making higher highs. Seems like a recovery back up.
Fundamentally and Technically seems good with positive earnings coming up and a strong support rebounding.
Note
UPDATE: CNBC analyst has upgraded MU today to buy as they see a high potential upside. "Chip maker Micron Technology has the highest implied upside on the list. The stock has underperformed the Nasdaq this year, down over 3% in 2021, but analysts see Micron rallying 63.6% in the next 12 months.The semiconductor company is benefiting from demand for dynamic random access memory chips used to power artificial intelligence, according to Rosenblatt Securities’ Hans Mosesmann. Micron has also strengthened its products in segments including data center, PC, mobile and auto, Mosesmann said in an August note" (CNBC,August 26th 2021)MU rallied up well 'on the point' of my target as shown as the chart. Looking bullish for this undervalued stock.
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