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Micron Technology Stock Could Break Out to New High

Micron Technology, Inc. (MU) shareholders have suffered through their fair share of ups and down over the years, with this highly cyclical stock reacting to all sorts of short- and long-term catalysts. Fortunately, this bilateral footprint may break down in 2020, allowing a breakout above 2018 resistance in the mid-$60s. More importantly, that rally will open the door to an assault on the all-time high, posted at the height of the internet bubble 20 years ago.

The majority of chip stocks look overextended and in need of a downturn following a dramatic uptrend that has lifted the PHLX Semiconductor Index (SOX) to an all-time high. However, Micron stock often goes its own way during broad-based declines, paying little attention to the price action in other corners of the semiconductor universe. This tendency could come in handy in coming months, with the decade-long economic expansion running into multiple headwinds.

MU Long-Term Chart (1990 – 2020)

MU Short-Term Chart (2018 – 2020)

The Bottom Line

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