Micron Technology (MU) Price Forecast: Rally Stalls Near Record Highs

Bigger Picture View

When analyzing the chart for Micron Technologies, Inc. (MU), it helps to start with the bigger picture. Shares advanced roughly 640% in 42 weeks from the $61.54 swing low to a January peak at $455.50. Despite strong fundamentals tied to semiconductor leadership and the AI infrastructure demand, price action now appears technically overextended, increasing downside risk through retracement or consolidation.

Weekly Technical Signals

There has been little indication of a confirmed top beyond an initial one-week bearish reversal that triggered a shooting star candlestick pattern. Over the past three weeks, MU has traded within a narrow range, reflecting consolidation after the peak.

With the week nearing completion, price action points to a potential weekly bearish close following a failed breakout attempt. Weekly RSI remains deeply overbought and may be forming a double-top, suggesting a test of $363.90 support is likely. The 10-week moving average near $376.89 is now a key trend-support level. Nevertheless, a weekly close above last week’s high of $430.57 will show strength and leave open the possibility of higher prices.

Long-Term Structure and Key Levels

The monthly chart highlights a strong long-term uptrend, with RSI extremely overbought after price approached the upper boundary of a rising channel. He recent high aligned with a 400% extension of the prior downswing, marking a potential long-term pivot area.

The rally’s speed mirrors the strongest advance since the 2008 low, reinforcing the risk of a longer correction following such an extended move.

Upside Confirmation Levels

A decisive breakout above the record high is needed to confirm trend continuation. Alternatively, a recovery above the four-week high at $442.43 could act as an early signal of renewed bullish momentum.

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