Micron Stock Price Forecast: Can Shares Rebound to $1,000 After Four-Week Drop? Watch Key $800 Support

TradingKey - Micron (MU) shares rebounded last Friday (October 23) after recent continuous adjustments. As of the close that day, Micron's stock price closed at $877.55, up 2.46%, reaching an intraday high of $891.89, with trading volume reaching approximately 21.25 million shares, and rising further to around $880 in after-hours trading. Previously on October 22, the stock fell 6.26% in a single day, touching a low of $849.25; thus, the latest rebound has temporarily formed short-term support around $850.

Micron stock price daily chart, Source: TradingView

Looking at the daily chart of Micron's stock price, the stock has undergone a continuous pullback recently, at one point retesting above the 144-day moving average and forming a bullish candlestick above it last Friday. This indicates a higher likelihood that the stock has stopped falling, and a rebound trend may emerge in the short term. Notably, the overall stock trend continues to form a head-and-shoulders bottom technical pattern, which means the medium-to-long-term trend remains bullish.

In terms of technical indicators, the Relative Strength Index (RSI) is around 38.2, which is below the 50 midline but has not yet entered the traditional oversold territory below 30. Meanwhile, the MACD is in negative territory, showing that the technical weakness from the previous decline has not been fully repaired. However, the stochastic oscillator and StochRSI have turned up, reflecting an improvement in short-cycle momentum following the rebound near $850.

Currently, the stock has found support near the 144-day moving average ($850). If it confirms a bottom and stabilizes near this moving average in the short term, the stock will see a technical recovery rebound. The primary resistance level above is around $900. If it breaks through this level, the stock will further test resistance at the 60-day moving average ($960). Only when the stock firmly re-establishes itself above the 60-day moving average will upside room toward $1,000 be unlocked.

Conversely, if the stock breaks below the 144-day moving average, it will further probe downward toward $800, the left shoulder of the head-and-shoulders bottom pattern formed by the overall candlestick structure. If this level fails to hold, the stock will further test down to the low of $737.88. If it stays firmly above $800, the head-and-shoulders bottom pattern will remain intact, and the medium-to-long-term trend for the stock will stay bullish.