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Nearest Resistance: $7
Nearest Support: $5.50
Catalyst: Hard Drive Sales, STX Sympathy Move
Computer RAM maker
Micron Technology(MU - Get Report) is seeing its shares up more than 5% this afternoon after the firm announced that one of its key subsidiaries would begin selling hard disk drives. Coupled with high-profile record sales numbers at Seagate, Micron is getting ample attention in today's market session from the news.
And that bodes extremely well for Micron shareholders in the next week or two. While Micron has been under pressure in 2012, tumbling more than 15% in the last six months, shares are currently forming a double bottom at $5.50. The breakout level to watch is $7 -- that's the price where I'd want to be a buyer for technical reasons alone.
With buyers showing their willingness to pick up shares at higher prices today, MU is going to be a solid stock to keep an eye on.
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-- Written by Jonas Elmerraji in Baltimore.