Micron Technology (MU) continues to climb and the charts and technical indicators continue to support further gains.
In this daily bar chart of MU, below, we can see prices are above the rising 50-day moving average line and well above the rising 200-day line. The daily On-Balance-Volume (OBV) line shows a strong rise from early August as well as the past 12 months. The trend-following Moving Average Convergence Divergence (MACD) oscillator looks poised to turn up to a fresh outright go-long signal.
In this weekly bar chart of MU, below, we can see prices are above the rising 40-week moving average line. The weekly OBV line has made new highs along with the price action. The MACD oscillator is pointed upward in a bullish mode.
In this Point and Figure chart of MU, below, we can see the uptrend and the recent new high/breakout. A $54/$55 price target is shown.
Bottom line: MU is pointed up and investors should stay with the trend. The mid-$50s are our next price target and a close below $40 would weaken the short-term trend.
