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Asset Watch
Thursday May 9, 2024
In the meantime, heavy volatility confronts the highflyers, which means Micron’s momentum can cut both ways. To play it, you should pay close attention to the 50-day moving average, as long-term support is closer to $80.
During the April correction, the stock bounced near the 50-day MA (the dark blue line), and the key level has held throughout much of the recent surge. Micron had been stuck in a range for several months, and a retracement to the 200-day MA (the light blue line) aligns near the 38.2% Fibonacci retracement level.
A long position could be justified when the price is above the 50-day MA, but risk management is essential when owning momentum-driven assets.
Will Micron’s magical run continue, or is the stock due for a pullback?
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