tech
Two memory stocks are reasserting themselves as leaders by clearing key levels, says Katie Stockton
The founder of Fairlead Strategies breaks down the technicals on these memory chipmakers.
TL;DR
- Micron (MU) and Sandisk (SNDK) are showing positive short-term technical catalysts with gap-ups today.
- Both stocks have cleared their 50-day moving averages, indicating bullish short-term breakouts.
- Momentum has improved for both MU and SNDK, with potential to reach prior all-time highs.
- Relative strength against the S&P 500 Index suggests a renewed leadership phase for memory chip stocks.
- Traders may use the 50-day moving averages as risk thresholds.
- Longer-term monthly charts require follow-through into month-end to avoid potential setbacks.