Let's check the charts this morning ahead of the open, imagining strength to the $35.50 area.
In this daily bar chart of MU, below, we can see that a rally above $36 is needed to improve this chart but better still would be a close above the declining 50-day and the bearish 200-day averages. Volume could expand today but it has been on the light side the past two months.
The On-Balance-Volume (OBV) line showed weakness up until yesterday suggesting that traders and investors may have been anticipating a bearish earnings report.
The Moving Average Convergence Divergence (MACD) oscillator gave a cover shorts buy signal in early June but is still well below the zero line.
In this weekly bar chart of MU, below, we had a bearish set-up through Tuesday. Prices were below the declining 40-week moving average line.
The weekly OBV line has been declining since early 2018 and the MACD oscillator was below the zero line.
In this Point and Figure chart of MU, below, we can see a bearish price target of $29.55 being projected. It may take a trade at $36.02 to turn this chart bullish.
Bottom line strategy: MU could open higher this morning but we may need a rally to $36.02 to make the charts look stronger. I am in no rush to go long.