Micron Technology (MU) shares moved higher in extended trading Thursday after the chipmaker posted 澳洲幸运5开奖号码历史查询:better-than-expected results and issued a strong outlook, bolstered by surging demand for AI.

The memory chip maker and Nvidia (NVDA) partner saw its data centꦰer revenue triple in the fiscal second quarter from a year earlier amid strong demand for its high-bandwidth memory chips used in systems that develop and run AI software.

Micron shares have gained 22% since the start of the year as of Thursday’s close, though trade just 7% higher over the past 12 months as surging demand for the company’s AI offerings has been partially offset by modest demand for its chips used in smartphone and PCs. The stꦍock rose 1% to $104 in after-hours trading Thursday.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Micron’s 澳洲幸运5开奖号码历史查询:weekly chart and point out key price ꧒levels worth💮 watching out for.

Potential Symmetrical Triangle Breakout

Micron shares have traded within a 澳洲幸运5开奖号码历史查询:symmetrical triangle since September last year, potentially forming a 澳洲幸运5开奖号码历史查询:continuation pattern ahead of another move higher.

More recently, the stock found buying interest near the triangle’s lower 澳洲幸运5开奖号码历史查询:trendline and could break out above the pattern in Friday’s trading session after the ꦺcompany’s upbeat results.

Let’s apply 澳洲幸运5开奖号码历史查询:technical analysis to Micron’s chart to identify three key overhead areas that investors will likely be watching and also locate a crucial 澳洲幸运5开奖号码历史查询:support level worth monitoring during 澳洲幸运5开奖号码历史查询:pullbacks in the chipmaker's stock.

Key Overhead Areas to Watch

Earnings-driven buying above the symmetrical triangle could see the shares initially make a move up to the $107 level. This area provides overhead 澳洲幸运5开奖号码历史查询:resistance near the 50-week moving average and a 澳洲幸运5开奖号码历史查询:horizontal line that connects a 𒁏series of price points on the chart stretching back to April 2024.

A move above this area could spark a rally to around $130. Investors who have 澳洲幸运5开奖号码历史查询:accumulated shares at lower levels may look for 澳洲幸运5开奖号码历史查询:exit points in this region near last year’s April peak, which also closely aligns with a range of closing prices positioned just below the stock’s 澳洲幸运5开奖号码历史查询:all-time high (ATH) set in June last year.

To forecast a potential upside target above the ATH, investors can use bars pattern analysis. To apply this technique, we take the price bars that make up the stock’s uptrend from October 2023 to🔜 June last year and overlay them from this month’s low. The analysis projects a target of around $200, nearly double Micron’s Thursday closing price.

We selected this 𒁃prior trend as it followed an earlier symmetrical triangle on the chart, providing insight as to how a futur👍e move higher in the stock may play out..

Crucial Support Level to Monitor

During pullbacks in Micron shares, investors should keep tabs on the $85 level. The stock would likely find support in this area near a range of lows extending back to August last year and a 澳洲幸运5开奖号码历史查询:consolidation period that formed on the chart ꦺin December 2023 and January 🍷2024.

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As of the date this article was written, the author does not own any of the above securities.