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MICRON Q2 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs - Capital Street FX

26-Mar
19:59 IST

Micron Technology’s stock is currently trading at 44.16-higher by 3.91% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 4.85%. The stock has pared some of its gains after the opening bell.

The semiconductor company reported its fiscal second-quarter earnings after the market close on Wednesday. Micron Technology generated EPS excluding some items of 45 cents for the second quarter. The EPS was above the consensus estimates of 37 cents. The company brought in 4.8 billion in revenue for the quarter, above the market expectation of $4.69 billion.

The semiconductor company reported net income of $405 million in the quarter, compared with net income of $1.62 billion in the year-ago same quarter. Micron expects third-quarter revenue above the market expectation amid pneumonia-causing virus outbreak. Stocks of the semiconductor company have fallen about 19% year-to-date.

On the technical front, the RSI is currently at 48.16% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 13% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.

 

TRADE SUGGESTION- LIMIT BUY AT 44.00 TAKE PROFIT AT 46.40 STOP LOSS AT 42.80

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