Micron Beats on Earnings and Guides Above Consensus Forecasts

Tuesday morning Micron (MU) reported earnings.

The chipmaker earned 82 cents on $5.44B of revenue, which beat on both the top and bottom line.

Analysts were looking for earnings of 75 cents on $5.27B of revenue.

Micron also provided guidance that was well above consensus forecasts. The company expects earnings of 95 cents on revenue of $5.75B – $6.25B, which was well above the consensus forecasts of 79 cents on revenue of $5.46B.

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The stock closed up 4.8% on Tuesday.

Let’s review the weekly cycle analysis.

Micron (MU) Weekly Chart

micron stock mu price forecast analysis market cycles top month july image

At askSlim we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

askSlim Technical Briefing:

The weekly cycle analysis suggests that MU is in a rising phase in an overall neutral cycle pattern. Weekly momentum is positive.

micron stock mu analyst bullish forecast outlook indicators month july higher image

On the upside, there is an intermediate-term Fibonacci resistance at 54.76.

On the downside, there are intermediate-term Fibonacci supports from 45.77 – 40.18. For the bulls to gain control of the intermediate-term, we would need to see a weekly close back above 54.76
askSlim Sum of the Evidence:

MU is in a rising phase with positive momentum. Given the neutral cycle condition, we would expect the stock to trade in a range between 55 and 46 through the summer.

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.