Micron continues to exceed market expectations
At the close of yesterday's session, Micron, the U.S. company specialising in the production of chips and semiconductors for storage memories, presented its quarterly results for its third fiscal quarter.
Once again, and continuing in the wake of the previous quarterly results published throughout this year, the company exceeded market expectations by obtaining a profit per share of $1.88 and revenues of $7,420 million versus $1.77 per share and revenue of $7,200 million, as was expected by the market consensus.
In yesterday's session, this company scored 2.47% with an annual rise of 13.04% thus beating the Nasdaq index. Despite this good news, in today's pre-opener, for the moment we can see a decline of close to 2%.
Technically speaking, we can see how after a strong uptrend that led it to mark all-time highs on April 12 at $96.95 per share, the price has followed a downward trend that has led it to form a double bottom in the vicinity of its 200-session moving average, thus fulfilling the negative divergence that we could observe on the daily chart in its MACD indicator.
After bouncing back on its 200-session average, the price is near the current resistance level at the early June highs around the 50% fibonacci retracement. Breaking this resistance level would confirm the formation of double-deeds, which could propel the price in search of $90 per share.
This possible upward movement could be reinforced if its white short-term moving average manages to cross higher to its orange medium-term moving average. On the contrary, we can observe that its stochastic indicator is at near overbought levels, so we cannot rule out a possible pullback to look for a new momentum point.
Evolution in the last 5 years:
- 2020: 39.79%
- 2019: 69.49%
- 2018: -22,84%
- 2017: 87,59%
- 2016: 54,80%
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