Micron (NASDAQ: MU) Stock Weekly Chart
Micron Technology’ stock price is on the rise after the company announced its intention to pay off debt to Intel Corporation (NASDAQ: INTC).
While we see the stock as in the rising phase of its current market cycle, we believe its upside potential is limited.
Micron (MU) announced that it has registered to offer senior notes to pay off debt owed to Intel (INTC) with regard to an investment in flash memory.
The company said that it, “Intends to use a substantial portion of the net proceeds to fund the purchase of Intel noncontrolling interest in IM Flash Technologies.”
Our analysis of MU focuses on its market cycles.
We see the stock as continuing in the rising phase of its current cycle. It is in better technical shape than it was previously, though earnings forecasts have been falling. Our Fibonacci analysis shows the stock’s resistance between $45-46.50, which may be a challenge to exceed.
For more from Slim, or to learn about cycle analysis, check out the askSlim Market Week show every Friday on our YouTube channel.
Twitter: @askslim
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.
