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.
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-- Written by Jonas Elmerraji in Baltimore.