Earnings Play: Micron Technology
Micron Technology's 3Q earnings are expected on Monday.
On Monday, after market, Micron Technology (MU) is anticipated to release third quarter EPS of $0.74 compared to $1.05 a year ago on revenue of roughly $5.3B vs. $4.8B last year. the corporate manufactures memory chips and on June 13th, United Microelectronics, one among Taiwan's largest wafer operators was ordered to pay a NT$100M (USD$3.36M) fine by a neighborhood court in central Taiwan after the corporate and three of its employees were found guilty of stealing trade secrets from Micron Technology, consistent with Focus Taiwan CNA English News.
From a chartist's point of view, on a daily chart, Micron Technology's stock price recently slipped below the lower line of an ascending wedge pattern that price has been rising within since mid-March. The RSI has also fallen below a bullish line and is currently sitting slightly below 50, a bearish signal. Price is predicted to carry under the lower line and break the $47.00 price . If support is broken then which will clear a path towards the $43.00 level. If price is in a position to carry above the $47.00 price then price could regain momentum and spike upwards back to the ascending wedge pattern. If that were to occur we might expect price to continue the up trend and head for a retest of the $53.00 resistance.
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