First up is Micron Technology
(MU - Get Report), a name that's been one of the tech sector's shining momentum stars for the last year and change. Shares of MU have more than tripled in the last 12 months -- and this stock could have even further to go thanks to a bullish setup in shares.
>>2 Tech Stocks Rising on Unusual Volume
Micron spent the last two months forming an ascending triangle pattern, a bullish price setup that was formed by horizontal resistance above shares at $24 and uptrending support to the downside. Basically, as MU bounced in between those two technical price levels, it was getting squeezed closer and closer to a breakout
above resistance at $24. Taking out $24 was the buy signal in MU -- and it triggered on Friday.
, measured by 14-day RSI, adds some extra confidence to upside in Micron. The momentum gauge broke its intermediate-term downtrend at the same time MU's shares pushed through $24. Since momentum is a leading indicator of price, that's a good sign for bulls.
If you decide to jump into MU here, I'd recommend putting a protective stop
just below the 50-day moving average
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