Micron Technology (MU) shares moved higher in extended trading Thursday after the chipmaker posted 澳洲幸运5官方开奖结果体彩网:better-than-expected results and issued a strong outlook, bolstered by surging demand for AI.

The memory chip maker and Nvidia (NVDA) partner saw🤡 its data center revenue triple in the fiscal second quarter from a year earlier amid strong demand for its high🏅-bandwidth memory chips used in systems that develop and run AI software.

Micron shares have gained 22% since the start of the year as of Thursday’s close, though trade just 7% higher over the past 12 months as surging demand for the company’s AI offerings has been partially offset by modest demand for its chips used in smartphone and PCs. The stock rose 1% to $104 in after-hours tradingജ Thursday.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Micron’s 澳洲幸运5官方开奖结果体彩网:weekly chart and 𝓰point out key price levels worth watching out for.

Potential Symmetrical Triangle Breakout

Micron shares have traded within a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle since September last year, potentially forming a 澳洲幸运5官方开奖结果体彩网:continuation pattern ahead of another move higher.

More recently, the stock found buying interest near the triangle’s lower 澳洲幸运5官方开奖结果体彩网:trendline and could break out above the pattern in Friday’s trading session after the com♚pany’s upbeatꩲ results.

Let’s apply 澳洲幸运5官方开奖结果体彩网:technical analysis to Micron’s chart to identify three key overhead areas that investors will likely be watching and also locate a crucial 澳洲幸运5官方开奖结果体彩网:support level worth monitoring during 澳洲幸运5官方开奖结果体彩网:pullbacks in the chipmaker's stock.

Key Overhead Areas to Watch

Earnings-driven buying above the symmetrical triangle could see the shares initially make a move up to the $107 level. This area provides overhead 澳洲幸运5官方开奖结果体彩网:resistance near the 50-week moving average and a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects a series of price🐓 points on the chart stretching back to April 2024.

A move above this area could spark a rally to around $130. Investors who have 澳洲幸运5官方开奖结果体彩网:accumulated shares at lower levels may look for 澳洲幸运5官方开奖结果体彩网:exit points in this region near last year’s April peak, which also closely aligns with a range of closing prices positioned just below the stock’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) set in June last year.

To forecast a potential upside target above the ATH, investors can use bars pattern analysis. To apply this technique, we take the price bars that make up the stock’s uptrend from October 2023 to June last year and overlay them from this month’s low. The analysis projects a targe♈t of around $200, nearly double Micron’s Thursday closing price.

🐼We selected this prior trend as it followed an earlier symmetrical triangle on the chart, providing insight as to how a future move higher in the stock may play out..

Crucial Support Level to Monitor

During pullbacks in Micron shares, investors should keep tabs on the $85 level. The stock would likely find support in this area near a range of lows extending back to August last year and a 澳洲幸运5官方开奖结果体彩网:consolidation period that ꧙formed on the chart in December 2023 and January 2024.

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As of the date this article was written, the author does not own any of the above securities.