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Micron Breaks Below Key Support
Benzinga • • business
Key Points:
- Micron's stock has fallen below the $820 support level, which previously acted as a strong floor for the price.
- The $820 level was initially resistance in June, and after breaking through, many traders who sold at that price sought to buy back shares there, creating significant support.
- Now that the stock has dropped below $820, the previous buyers who maintained that support appear to have exited, increasing the likelihood of further declines.
- Without this support, sellers may struggle to find buyers, potentially leading to accelerated price drops as they undercut each other.
- The next key support level is around $660, where buyers might attempt to stabilize the stock if selling pressure continues.
