Micron share price: what to expect from third quarter results

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Source: Micron Technology, Inc

How to trade Micron gains

Micronet Enertec Technologies Inc’s current forecast price-to-earnings ratio is 8.3, below the semiconductor industry median of 17.8 and the technology sector median of 18.3 . The historic growth of its turnover over five years amounts to 9.13%. Compared to some of its global competitors, sales growth could outperform major semiconductor players such as Intel Corporation and SK Hynix Inc, but lagged behind NVIDIA Corp and Advanced Micro Devices Inc (All Sessions ).

Currently, the stock has 30 “buy” recommendations, five “holds” and zero “sell” recommendations. The Bloomberg 12-month consensus target price of 116.25 suggests a potential rise of 40.6% from the current price.

Micron Shares – Technical Analysis

Ahead of the release of its results, Micron’s stock price is attempting to break above a downtrend line that has held up to price three times. The MACD indicator has formed higher lows, potentially suggesting that the selling momentum is slowing down and the short-term downtrend may be susceptible to a reversal.

That said, prices may need to overcome a key resistance level at US $ 84.00 to continue rising. This comes on the back of the 50 day MA which now served as a resistance line, coinciding with the 23.6% Fibonacci retracement level. Short term support can be US $ 76.00, where prices remain supported on the three previous occasions.

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