Chip producer Micron Technology (MU) traded 6% lower during the Thursday morning session.
This happened after Swiss investment bank UBS initiated its coverage with a sell rating and a price target of $35.
Short-Term Opportunity In Micron Decline?
My analysis of MU’s market cycles on the weekly chart below suggests that UBS may be overstating the downside risk.
The stock is currently approaching the conclusion of the declining phase of its current short-term market cycle. Micron’s stock price should then see a short-term counter move higher.
Look for a bounce to begin shortly.
Micron (MU) Stock Chart with Weekly Bars
For an introduction to cycle analysis, check out our Stock Market Cycles video, or watch the askSlim Market Week show every Friday on our YouTube channel.
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
