Micron’s 35.4% Drop Puts $756.80 Chart Test in Focus

By Daniel Okafor

Micron Technology, Inc. closed at $811.30 on Wednesday, Nov. 11, down 35.4% from its June 25 record intraday high and 5.1% from its Election Day close, according to a TradingView chart published by moomoo.

What drove Micron’s election-week selloff?

Stephen “Sarge,” a Moomoo Technologies Inc. Markets Commentator, described Micron as the leading U.S. memory-chip designer and linked its shares to data-center and AI sentiment.

Election Day began with an $855.10 close. MU fell 24% to a $650 intraday low by Thursday, two days later. moomoo described the low as Micron’s worst level in six months.

On that Thursday, Micron suspended plans to build a new Taiwan plant because of a prolonged labor dispute. moomoo said the announcement added to fears surrounding the sagging AI trade.

The stock lost 17.5% that session after falling 7% the prior day. MU then rose 27% over several days, according to the chart headline, but the rebound did not erase its broader losses.

What do December earnings expectations show?

moomoo identified Micron’s fiscal Q1 earnings in mid-December as the company’s next catalyst. Street expectations cited in the analysis called for $38.29 in adjusted earnings per share on $61.85 billion of revenue.

• Adjusted EPS of $38.29 versus $4.78 a year earlier, a 701% increase.
• Revenue of $61.85 billion, roughly 355% higher year over year.
• Estimate revisions since the quarter began: 25 of 35 covering analysts raised forecasts, three cut them and seven left them unchanged.

Stephen “Sarge” argued that forward guidance may matter more than the headline results. He linked that view to the month’s midterm-election results, changing U.S. political winds and the Democrats’ win, which moomoo said could affect the AI trade.

Can Micron hold its 200-day average?

moomoo’s four-month chart through Wednesday afternoon, Nov. 11, showed what the analysis called a head-and-shoulders bearish reversal extending from August through Nov. 11. Its downside pivot sat near $849, against Micron’s $811.30 close.

Stephen “Sarge” wrote: “The real battle now is at Micron's 200-day Simple Moving Average.” The indicator, marked with a red line, stood at $756.80. MU breached it Wednesday.

If the price holds above $756.80, moomoo said the average could support the shares as professional money managers return. A failure to hold it could turn the same level into longer-term upside resistance.

That setup had already worked. Stephen “Sarge” wrote: “This set-up worked as advertised and Micron has fallen.” MU sat 4.4% below the roughly $849 pivot and had fallen as much as about 23%.

Other momentum measures also leaned negative. The Relative Strength Index, shown as a gray line at the chart’s top, ran below neutral. moomoo described the daily Moving Average Convergence Divergence indicator as being in poor shape.

The 9-day exponential moving average histogram, marked with blue bars, was well into negative territory, a short-term bearish signal. The 26-day EMA, shown in gold, had overtaken the black-lined 12-day EMA, a medium-term bearish sign. All three EMA lines sat below the zero bound.

moomoo said investors should take those bearish signals seriously.

What matters next?

Micron’s mid-December report will test expectations for a 701% adjusted EPS increase and roughly 355% revenue growth. Management’s guidance will carry added weight as political conditions shift around the AI trade.

The suspended Taiwan plant remains another sentiment variable because its announcement intensified fears among AI-related investors. The chart adds a nearer checkpoint: whether MU can sustain a position above $756.80.

The moomoo analysis disclosed that Stephen “Sarge” held no MU position when he wrote it. It also cautioned that chart examples are illustrative, not recommendations, and that investors can lose principal.

For investors, Micron’s December results, forward guidance and a sustained hold above $756.80 are the next measurable tests after the 35.4% peak-to-close decline.