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2 Huge Tech Stocks to Trade (or Not)

Micron Technology

Nearest Resistance: $25

Nearest Support: $22

Catalyst: Technical Setup

Shares of Micron Technology (MU - Get Report) 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.

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Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned. Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation. Follow Jonas on Twitter @JonasElmerraji
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SYM TRADE IT LAST %CHG
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MU $28.67 -1.10%
AAPL $128.70 -0.19%
FB $78.81 -0.23%
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