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Micron (MU) Consolidation Shows Subtle Bullish Sign

Micron Technology Inc. $MU has recovered since the 2018 bearish correction. It found support around $28 per share at the end of December, and has reached $44 in 2019. 

MU Daily Chart

(click to enlarge)

Some Early Bullish Signs:
- As we can see on the daily chart, price broke above a prevailing falling channel.
- Furthermore, it broke the prevailing pattern of lower lows and lower highs in February 2019. 
- The RSI has pushed above 60, which showed loss of the prevailing bearish momentum. But it has not pushed above 70, which would reflect some bullish momentum.
Ascending Triangle:
- Despite some bullish price action, price has traded under the 200-day simple moving average until last week. Although this crossover was more like the 200-day SMA come down below the price instead of price cross above the moving average. 
- Price action matters, and it is still in consolidation with resistance at $44. 
- This consolidation pattern has turned out to be an ascending triangle.
- An ascending triangle here suggests some bullish bias within the consolidation - we have the same resistance, but the lows and higher.
- The $45-$45.50 area is a key resistance area. 
- A close above $45.50 should open up at least the $50.
- Meanwhile, a break below $40 would invalidate this bullish reversal attempt and likely put MU back into consolidation/correction mode. 

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