The share price of Micron Technology (MU) has been testing the highs of February, March and April but it has not yet decisively broken out on the upside. Let's drill down on the charts and indicators.
In this daily Japanese candlestick chart of MU, below, we can see that prices are above the bottoming 200-day moving average line and the rising 50-day line.
The daily On-Balance-Volume (OBV) line recently turned up telling us of a shift from aggressive selling to aggressive buying.
The Moving Average Convergence Divergence (MACD) oscillator is in a bullish mode above the zero line.
Today's candle pattern is red signaling that (so far) the current price is lower than the opening price. There is a small upper shadow telling us that prices have been rejected from the highs. It is several hours until the close so anything can happen.
In this weekly bar chart of MU, below, we can see that prices are above the bottoming 40-week moving average line. Resistance at $45 can be seen.
The weekly OBV line shows some improvement in June and the MACD oscillator just crossed to the upside for a cover shorts buy signal.
In this Point and Figure chart of MU, below, we can see an upside price target of $56 being projected but we need to see a trade at $45.28 to refresh the uptrend and give us a breakout.
Bottom line strategy: It looks like MU wants to break out on the upside but it is not over until its over (sorry Yogi). Approach from the long side but only when we can close above $46 (yes, we are giving up some potential profits but I hate buying false breakouts).