Micron Stock Price Forecast: Four-Week Losing Streak, Can Shares Return to $1,000? Watch Key $800 Support

TradingKey - Micron (MU) stock price has undergone a continuous pullback recently, recording a four-week losing streak last Friday (October 23). Following recent continuous pullbacks, the stock rebounded last Friday. As of that day's close, after dropping 6.26% in a single day on October 22 to touch a low of $849.25, the latest rebound has temporarily established short-term support around $850.

Micron Stock Price Daily Chart, Source: TradingView

From the daily chart of Micron's stock price, the stock has undergone a continuous pullback recently, at one point retesting levels above the 144-day moving average. It formed a bullish candlestick above the 144-day moving average last Friday, indicating a high probability that the decline has halted and that the stock may usher in a rebound in the short term. Notably, the overall price action continues to form an inverse head-and-shoulders technical pattern, implying that the medium- to long-term trend remains bullish.

In terms of technical indicators, the Relative Strength Index (RSI) hovers near 38.2, below the 50 midpoint but not yet in the traditional oversold zone below 30. Meanwhile, the MACD remains in negative territory, indicating that the technical weakness from the previous decline has not been fully repaired. However, the Stochastic Oscillator and StochRSI have turned up, reflecting improved short-term momentum following the rebound around $850.

Currently, the stock has found support near the 144-day moving average ($850). If it confirms a bottoming and stabilization near this moving average in the short term, the stock will usher in a technical rebound. The primary resistance level to watch above is near $900. If it breaks above this level, the stock will further test resistance at the 60-day moving average ($960). Only when the stock firmly reclaims the 60-day moving average can it open upside space toward $1,000.

Conversely, if the stock breaks below the 144-day moving average, it will further probe downward toward $800, which corresponds to the left shoulder of the inverse head-and-shoulders pattern formed by the overall candlestick structure. If this level is lost, the stock will further test downward toward the low of $737.88. If it holds above $800, the inverse head-and-shoulders pattern will remain intact, and the medium- to long-term trend for the stock remains bullish.