Chipmaker Micron Technology (NASDAQ:MU) traded 5% higher on Tuesday morning. That happened one day after equities analyst Nomura had nearly doubled its target price from $55 to $100, bumping the stock 9% to over $59. There is also speculation that Micron may increasingly be viewed as a takeout target, which often involves paying a premium relative to market value.
Upon reviewing MU’s weekly chart below, we can see that it started taking off after the rising phase of its intermediate cycle began. Today’s price action briefly exceeded the 100% Fibonacci extension. Micron is on our "Best for 2018" list with a target for the coming months raised to $77. The market cycles are designated by the semicircles at the bottom of the chart.
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