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Micron Technology, Inc. (MU) - Get Micron Technology, Inc. Report is trading down around $31, give or take, before the NYSE opening Tuesday morning. Our charts are not updated with this price action but we can still see what this move down will likely do to the charts and indicators.

In this daily chart of MU, below, we can imagine the price action is closer to the rising 50-day moving average line. Anticipating that today's price weakness will last to the close, the above will show three peaks -- two in June and one this month. The 50-day average line was tested in April, May and early this month. The latest weakness is also likely to result in another test.

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The On-Balance-Volume (OBV) line shows a lower high in July versus June giving us a clue that sellers were more aggressive in July. The Moving Average Convergence Divergence (MACD) oscillator has been weakening since early June and looks like it will cross to the downside soon.

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In this weekly bar chart of MU, below, we still have a mostly strong chart and indicator setup. MU is above the rising 40-week moving average line. Support is likely at $30 and $28. The weekly OBV line bottomed March 2016 and has signaled aggressive buying for more than a year now. The MACD oscillator, however, has rolled over since April.

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This Point and Figure chart of MU, below, shows both the potential support below the market from around $28 to around $26 but also a potential downside price target of $25.04.

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Bottom line: MU is trading lower and the daily chart shows that prices have struggled since early June. MU could either make a high-level consolidation pattern in the $29-$32 area or start a decline over the next several weeks toward the $25 area and the rising 200-day moving average line.

(This article originally appeared at 9:08 ET on Real Money, our premium site for active traders. Click here to get great columns like this from Bruce Kamich, Jim Cramer and other writers even earlier in the trading day.)

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