Micron Technology Inc. (NASDAQ:MU) shares are trading lower on Tuesday. The semiconductor giant faces pressure as broader market sentiment shifts.
While the Nasdaq remains slightly positive, the S&P 500 has retreated into the red as geopolitical risks remain persistent, with negotiating teams from the U.S. and Iran meeting in Islamabad.
Analysts Flag Memory “Softness”
Recent commentary from Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) is also weighing on the sector. Jim Cramer noted on CNBC’s Mad Dash that TSM executives acknowledged a “little softer market” for memory.
Cramer warned this “little nugget” could cause Micron to “take a breather” after its massive recent rally.
Profit Taking and Export Fears
Traders appear to be locking in gains following Micron’s 40% surge. Geopolitical concerns regarding China’s export controls also persist.
ASML Holding NV (NASDAQ:ASML) beat earnings estimates, its second-quarter sales guidance of 8.4 billion to 9.0 billion euros sat below the 9.1 billion euro consensus.
Technical Analysis
Micron is holding near the upper end of its 52-week range, sitting just under the $471.34 high. The stock is trading 13.4% above its 20-day simple moving average (SMA) and 26.3% above its 100-day SMA.
The 12-month gain of 571.89% shows MU has been in a powerful, longer-term run, with the stock also about 74.5% above its 200-day SMA.
- Key Resistance: $471.50
- Key Support: $364
MU Stock Price Activity: Micron Technology shares were down 1.03% at $443.80 at the time of publication on Tuesday, according to Benzinga Pro data.
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