The 1/24 session was a good one for chip makers. Advanced Micro Devices $AMD, Nvidia $NVDA, and Intel $INTC, all rallied. But in terms of gains, Micron Technology $MU was ahead, with more than 7%. However, I think MU is now knocking on a key resistance in the $38-$40 area. MU Daily Chart(click to enlarge)Falling Channel:- As we can see on the daily chart, MU has been trading within a falling channel.- We can also see that the 1/24 session rally brought price up against the channel resistance around $37. - Also note that the RSI is below but close to 60. A bearish market is likely going to keep the RSI below 60. This has been the case within the falling channel since July 2018.- BUT, if the current market recovery extends, we can easily see MU extend the current recovery towards $40.- For now though, I would limit the upside to $40 and anticipate a bearish attempt from there back towards the common support pivot area around $33-$34.- If price held under 37 and pushes below $33, I would anticipate a retest of the $29 low from December, and also a lower low ahead. - We have another support/resistance pivot around $26.50-$27. - But if price managed to climb to $40, I might still anticipate downside to $29, but I would respect this $29-$30 area as support.