MU - approaching multi-decade resistance

Whilst the main market settled moderately mixed, there was significant strength in the semi-con' stocks. Micron Technology (MU) settled +2.2% at $35.43. The $36s are a magnet in the near term, but will likely hold as resistance. The $37s seem far more probable after a main market correction of 4-5%.


MU daily

MU monthly

Summary

Micron is fast approaching the Dec'2014 high of $36.59.

My best guess is that the $36s will HOLD in the near term, with MU likely to be held back into October, but that will surely need a main market correction of 4-5%. Regardless, technically, AND fundamentally, Micron looks very strong indeed.

Many others also recognise that with a forward PE in the 5s, there is VERY considerable mid/long term upside potential for Micron.

Pete Najarian of https://investitute.com noted to me that Evercore today issued a new target of $50, which is interestingly in sync with my own mid term target range.

*upon checking, I see that FBN securities issued a target Sept'11th of $45, and Goldman Sachs have an outright 'BUY' as of Sept'13th.

see: https://finviz.com/quote.ashx?t=mu
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I am bullish Micron Technology into 2018. That view is only dropped if at least 2-3 of the main indexes see a bearish monthly close for September or October, which currently seems very unlikely.