MU Dominant Downtrend Intact
MU is down 6% to 8% in pre-market trading in reaction to its earnings miss reported after the close last evening, hitting a new, multi-month corrective low at 30.87, which represents a 52% unwind off of its 5/30/18 high at 64.66. Apart from the company's visibility and export challenges heading well into 2019, as well as The Street's lowered price targets and downgrades, the chart pattern and technical price behavior during the May-Dec. period has carved out a textbook, well-defined, bearish price channel (see my attached chart).
As long as MU is unable to claw its way above 34.00 on a closing basis, its dominant downtrend and channel behavior continue to point still-lower, into the 28 area to probe the lower boundary line of the multi-month channel. Last is 31.66/68