$MU Post Earnings Breakdown:
Chart done on daily timeframe. Shares of the semiconductor company, Micron, are trading higher today after the company’s latest earnings report. The company’s revenue came in at $4.73B, up from same quarter last year of $4B. The company’s net profit is still in the negative territory. The positive reaction can be attributed to their guidance/forecasts. Micron raised guidance into 2024, citing a potential rebound in PC demand.
What we’re seeing from MU today is a “power earnings gap-up.” These moves can often lead to multi-week/month rallies, but the key is for the stock to hold the gap levels. For MU in specific, that level is around 83.30. If buyers can defend that support then we see MU heading higher in the coming months.