Nearest Resistance: $25
Nearest Support: $22
Catalyst: Technical Setup
Shares of Micron Technology (MU) have been a momentum powerhouse over the last year, rallying more than 135% since March 2013. But that momentum has been a liability in 2014, as Mr. Market flipped a switch and started shoving momentum winners lower at the start of the month. After getting oversold, Micron is rebounding in a big way this afternoon.MU is up more than 7% as I write, buoyed by the combination of previous support at $22, and a momentum gauge that's been reading oversold since Friday. Now looks like a good time to get into MU near support. This stock is still consolidating sideways, but if it can catch a bid above $25 resistance, then it's our cue that big momentum names are working again. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts