Micron Falls 2.18% to $1,009.76 as Tech Risk Appetite Cools
Updated
Updated · Benzinga · Jul 2
Micron Falls 2.18% to $1,009.76 as Tech Risk Appetite Cools
3 articles · Updated · Benzinga · Jul 2
Summary
Micron shares dropped 2.18% to $1,009.76 in Thursday premarket trading, underperforming with Nasdaq futures down 0.42% as investors trimmed chip exposure after the stock’s steep rally.
The pullback leaves Micron about 4.1% below its 20-day moving average of $1,048.47, while an RSI of 51.95 points to consolidation rather than heavy selling.
Support sits near $991 and resistance near $1,089.50; Micron still trades 19.5% above its 50-day average and 128.4% above its 200-day average, keeping the longer-term uptrend intact.
Sept. 22 earnings are the next major catalyst, with analysts expecting EPS of $31.24 versus $3.03 a year earlier and revenue of $50.72 billion versus $11.31 billion.
Bullish sentiment remains strong despite valuation concerns: Micron carries a Buy rating, an average target of $1,542.05, and recent price-target hikes to $2,000 from Cantor Fitzgerald and Barclays.