Micron's Nasty Six-Day Losing Streak Signals Broader Semiconductor Weakness
MU has more than doubled off its 52-week low of $61.54.
Summary
Barron's reports that semiconductor stocks, including Micron Technology (MU) and Nvidia (NVDA), are losing momentum, with charts showing significant bearish technical patterns. Micron is highlighted for a "nasty six-day losing streak" that has erased approximately one-quarter of its value, with elevated volume since its March 19 earnings session. This technical weakness for Micron is notable as it follows a series of positive fundamental announcements, including a significant acquisition, plans for a new chip-making facility, strong Q2 fiscal 2026 earnings, and a $5.4 billion cash tender offer for senior notes. Nvidia is also showing bearish technicals, having lagged the VanEck Semiconductor ETF since last August and forming a bearish descending triangle. The broader VanEck Semiconductor ETF itself is exhibiting a bearish head and shoulders pattern. This faltering leadership in the semiconductor sector could remove a key support for the broader technology market, requiring traders to reassess their positioning. Investors should watch for continued breakdowns, with potential downside targets mentioned for Micron around $300 and Nvidia around $130.
At the time of this announcement, MU was trading at $356.90 on NASDAQ in the Technology sector, with a market capitalization of approximately $400.9B. The 52-week trading range was $61.54 to $471.34. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.