Micron Technology, Inc. (MU), a global semiconductor systems company yesterday reported their fiscal second quarter 2017 financial results. Micron reported second quarter adjusted earnings of $0.90 per share which beat analyst expectations of $0.81 per share. Micron reported second quarter revenues of $4.65 billion which is exactly what analysts were expecting.  

Micron Technology, Inc.  CEO’s Comments

“Strong demand and limited industry supply for NAND and DRAM solutions, combined with significant progress on our cost reduction plan, produced excellent results for our second quarter,” said Micron CEO Mark Durcan. “I’m proud of the team’s execution on critical technology and operational initiatives, which will allow us to continue to capitalize on market trends.”  Globe Newswire

MU Technical Analysis

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MU opened trading yesterday at $26.36 which was up from the previous day’s trading close of $26.06. Shares closed trading yesterday at $26.47 and spiked up after market to $29.19, equivalent to a 10% increase from the closing price. Taking a look at the daily chart we can see that the last time MU traded above these levels we have to go all the way back to April 27th, 2015 when it traded at $29.27.

Taking a closer look at the daily chart we can see that before the spike up MU had already been in an overall upward trend dating back to May 13th, 2016 when it traded at $9.13. MU has a float of 1.04 billion shares and traded 1.40 times the normal daily trading volume on Thursday. This is higher priced than most of the penny stocks I day trade with Warrior Trading but it should still provide plenty of opportunity to scalp throughout the day.

For trading purposes, I would like to see MU open trading on Friday above $28.25 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.