MU has an unusual inverted head and shoulders setup with weakening support; a bullish breakout targets ~$1300 (new high), while daily closes below $1035.50 increase downside likelihood.

And now, next we have Micron. Now, Micron, as you can see here, this pattern is still not a perfect inverted head and shoulders pattern. It is slightly more unusual with a very short left shoulder, and a head and right shoulder that look like two right shoulders.

Therefore, this pattern is essentially an inverted head and shoulders pattern. It is not as clear as what we saw in the other two graphs.

But as you can see here, the price movement in accordance with this neckline, and this horizontal trend line, has succeeded in keeping the price above it. The downside is that we have been hitting this level repeatedly, and even traded below it today, which weakens this level.

It is somehow miraculous that the price is still holding above it, considering how many times it has touched it. It was likely that we would break the level, fall, test the bottom of this parallel range, and perhaps fall further.

But right now, Micron Today is pushing the price on the chart to $1083. If this bullish pattern breaks out upwards instead of breaking down below this support level, the next target will be at the 50% area of the parallel channel above tomorrow’s price , i.e., around $1300.

That would mean reaching an all- new record high . Therefore, monitoring price movement at this level is extremely important. Daily closes below this trend line at $1035.50 actually increase the likelihood of a downward move.

So, keep an eye on this if we continue to fluctuate sideways above this support trend line.