Micron Technology (MU) shares traded sharply lower in extended trading on Wednesday after the memory chip maker and Nvidia (NVDA) partner issued a 澳洲幸运5官方开奖结果体彩网:weaker-than-expe𓂃cted current-quarter outlook.

While the Idaho-based company said it sees a return to growth in the second half of fiscal 2025, it anticipates consumer-oriented markets to remain weaker in the near term. In prepared 澳洲幸运5官方开奖结果体彩网:earnings call remarks, executives attributed the light outlook to a slower-than-expected PC upgrade cycle and softer auto and industrial markets.

Micron shares fell 16% to around $87 in extended trading. Prior to the after-hours drop, the stock had gained 22% since the start of the year, placing their performance roughly in line with the 澳洲幸运5官方开奖结果体彩网:S&P 500’s 23% return over the same period.

Below we analyze the 澳洲幸运5官方开奖结果体彩网:technicals on🌜 Micron🙈’s chart and point out important post-earnings price levels that investors may be watching.

Trading Range Breakdown

Micron shares have oscillated in a 澳洲幸运5官方开奖结果体彩网:trading range between the 50- and 200-day moving averages (MAs) since late September,﷽ indicatiꦓng a lack of clear direction in the stock.

More recently, the price met significant selling pressure near the 澳洲幸运5官方开奖结果体彩网:200-day MA ahead of the chipmaker’s quarterly report. Importantly, today’s drop occurred on the highest 澳洲幸运5官方开奖结果体彩网:trading volume since the start of the 澳洲幸运5官方开奖结果体彩网:rangebound p♐eriod, suggesting that larger market participants positioned for post-earnings volatility.

Indeed, the stock looks set to stage a decisive 澳洲幸运5官方开奖结果体彩网:breakdown below🐓 the trading range on Thursday, increasing the potential for further earnings-driven selling. 

Let’s identify several key levels where the stock may encounter support and also point out an important overhead area to watch during 澳洲幸运5官方开奖结果体彩网:countertrend rallies.

Key Support Levels to Monitor

The first lower level to monitor sits around $85. The shares may find support in this area near a 澳洲幸运5官方开奖结果体彩网:trendline that joins a range of comparable prices between December 2023 and February with prominent 澳洲幸运5官方开奖结果体彩网:swing lows that formed on the chart ♕in ꩵAugust and September.

An inability to hold this key technical location could see the shares decline to the $78 level. Investors may seek buying opportunities in this region near a period of narrow 澳洲幸运5官方开奖结果体彩网:consolidation positi𒀰oned just below the November 2023 swing high.

Selling below this level opens the door for a retest of lower support around $72, an area on the chart where the shares could encounter buying interest near the July and September 2023 peaks, which closely aligns with last year’s December t൩rough💝.

Important Area to Watch🌊 Durin🅺g Countertrend Rallies

Upon a countertrend rally in Micron shares, investors should keep a watchout for the $97 level. This area on the chart could provide overhead 澳洲幸运5官方开奖结果体彩网:resistance near the trading range’s lower trendline and several similar price points that preceded the March 澳洲幸运5官方开奖结果体彩网:breakaway gap. 

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