Watch These Micron Price Levels as Stock Plummets on Weak Outlook | Global News Avenue

Micron Technology (existShares of the company were sharply lower in after-hours trading Wednesday, after the memory chip maker and Nvidia.NVDA) issued by partners Current quarter outlook weaker than expected.

While the Idaho-based company said it expects a return to growth in the second half of fiscal 2025, it expects the consumer-oriented market to remain soft in the short term. In preparation Earnings Conference Call In speeches, executives attributed the bleak outlook to a slower-than-expected PC upgrade cycle and softer automotive and industrial markets.

Micron Technology shares fell 16% to about $87 in after-hours trading. Before the after-hours decline, the stock had gained 22% since the beginning of the year, a performance that matched S&P 500 Index The return over the same period was 23%.

Let’s analyze it below technical On Micron’s chart, note important post-earnings price levels that investors may be watching.

Transaction scope breakdown

Micron Technology stock price fluctuates Trading scope The stock has been trading between its 50-day and 200-day moving averages (MA) since late September, suggesting the stock lacks clear direction.

Recently, the price has been approaching 200-day moving average ahead of the chipmaker’s quarterly report. Importantly, today’s decline occurred at the highest point trading volume since the beginning of the year scope limit period, indicating that larger market players are prepared for post-earnings volatility.

In fact, the stock looks set to play a decisive role break down It was below its trading range on Thursday, raising the possibility of further profit-driven selling.

Let’s identify a few key levels the stock could encounter support and points out important overhead areas to pay attention to during execution Contrary to the trend assembly.

Key support levels to monitor

The first lower level monitored was around $85. The stock could find support near this area trend line Joins a range of comparable prices between December and February 2023, with prominent swing lows August and September are formed on the chart.

Failure to hold this key technical position could see shares drop to the $78 level. Investors may seek buying opportunities as this area approaches tight range periods merge Below the November 2023 swing high.

Selling below that level opens the door to a retest of lower support near $72, an area on the chart where the stock could see buying interest near July and September 2023 peakwhich is closely related to the trough in December last year.

Important areas to watch during counter-trend rallies

Investors should keep an eye on the $97 level after Micron Technology shares bucked the trend. This area on the chart can provide overhead resist Near the lower trendline of the trading range and several similar price points prior to March Break through the gap.

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As of the date of this writing, the author did not own any of the securities mentioned.