Micron (MU) shares moved higher in early trading Tuesday, gaining ground for the fourth straight session, ahead of the chipmaker’s eagerly anticipated 澳洲幸运5开奖号码历史查询:fiscal fourth-q🍬uarter earnings report, due after Wednesday’s closing bell.

Analysts expect the company to swing to a profit and nearly double its revenue from a year earlier as it continues to benefit from surging demand for high bandwidth 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) memory chips to power data cꦜenters, smartphones, and PCs. 

Investors will also be watching for updates on Micron’s inventory levels, with supply overhang prompting concerns about the company’s near-term pricing power that has led to several Wall Street downgrades and weighed on the stock’s performance in recent months.

Micron shares were up 0.6% at $94.11 about 10 minutes after Tuesday's opening bell.

Below, we review the 澳洲幸运5开奖号码历史查询:technicals on Micron’s chart and point out important price levels🍌 to watch into the chipmaker’s quarterly result🌟s.

Potential Double Bottom Taking Shape

After falling as much as 46% from their 澳洲幸运5开奖号码历史查询:record high in mid June, Micron shares have formed two distinct troughs between early August and early September, potentially marking a 澳洲幸运5开奖号码历史查询:double bottom in the chipmaker’s stock.

What’s more, as the second trough forged a lower low, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) made a comparatively shallower low to create a 澳洲幸运5开奖号码历史查询:bullish divergence, a char🔴t signal pointing to easing selling 🎃pressure.

However, it’s also worth pointing out that the 50-day moving average (MA) crossed below the 200-day MA last week to generate a 澳洲幸运5开奖号码历史查询:death cross, a pattern that warns of further downside.

Amid the potential for heighted 澳洲幸运5开奖号码历史查询:volatility following the company’s quarterly results,❀ investors should watch these key chart levels.

Lower Price Levels to Watch

Selling from current levels could see the shares initially fall to the $87 level, an area on the chart where buyers may look to defend a 澳洲幸运5开奖号码历史查询:trendline that connects price action in December and January with the two recent troughs.

A failure to hold above this level may trigger a decline to around $79, a region where the shares could encounter support near the November 2023 澳洲幸运5开奖号码历史查询:swing high and February 澳洲幸运5开奖号码历史查询:swing low.

Higher Price Levels to Monitor

If the stock has a post-earnings surge, keep an eye on the $109 area. Investors who purchased in recent months may look to 澳洲幸运5开奖号码历史查询:lock in profits near the March 21 earnings gap low, which closely alig🍌ns with the April trough and August peak.

Further bullish upside could propel a move up to $128, a location where the stock may run into overhead 澳洲幸运5开奖号码历史查询:resistance near the prominent early April swing high that corresponds with similar trading levels on the chart between May and Juওly.

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