$MU

‌
Micron (MU) is trading at $855.19 (+2.65%), staging a rebound after a sharp three-day selloff. The broader chip sector is bouncing on US Election Day, with the semiconductor gauge climbing 3.5% after recent AI-spending jitters . However, MU remains well below its October highs near $990, and the recovery is still tentative.

· Resistance: $850–$855 (immediate), $900, $1,000
· Support: $830 (near-term), $800 (critical structural level), $737 (July low)

The daily chart shows a clear breakdown from the $990 peak, with price slicing through the 144-day moving average and the prior October low of $849.25 . The current candle is a green rebound off the $829 low, but it is testing the underside of the broken $850 zone — a classic retest of prior support-turned-resistance. RSI sits near 37, still below the 50 midline, while MACD remains negative, suggesting the bearish momentum is not fully exhausted .

· Bullish: A decisive close above $855with volume could extend toward $900 and eventually $1,000, supported by the broader chip-sector rebound .
· Bearish: Failure to hold above $850 would confirm the retest, sending price back to $830 and then the critical $800 support. A break below $800 would break the medium-term head-and-shoulders structure and open downside toward $737 .

I lean cautiously bearish in the short term. The rebound lacks confirmation and sits directly under heavy resistance. The $850–$855 zone is likely to cap the bounce unless the broader market sustains its Election Day rally into the close.

Trade Plan

· Entry: Short near $855–$860 on rejection signs (upper wick, fading volume).
· Stop Loss: Above $875 (invalidation of the retest thesis).
· Target: First $830**, then **$805–$800.
· Risk/Reward: ~1:2.5.

Micron’s bounce is a technical retest, not a trend reversal. Watch $850 as the line in the sand — failure there favors a return to $800, while a clean break above $875 would neutralize the bearish setup.