The “Santa” rally hasn’t materialized the way that bulls would have liked it to have.
Instead of a broad-based stair step climb higher into early January, we have seen a sideways to lower move with stock-picking pockets of leadership.
One of those stocks is Micron (NASDAQ: MU). Micron has broken out to new highs and hopes to drag the Semiconductors sector to new highs as well.
Tech leadership is paramount to a broader rally, so its worth keeping an eye on stocks with leadership qualities AS WELL AS the broader tech indices to see if they breakout to new highs.
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$MU Micron Stock Chart
Here we can see the clean breakout over price resistance at $260. As long as $260 (now support) holds, MU should ascend well above $300 before encountering another trading top.
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. 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.
