US equity market opened on weak note but was able to gain momentum in afternoon to close at higher levels. ISM Non-Manufacturing PMI climbed to 56.3, the highest reading since August. However, ADP Non-Farm Employment Data came negative for the economy dropping by 0.16% to 179K. Investors still seem to have varying mood regarding the sentiment in the equity market with a lack of clear vision. Unemployment Claims data due on Thursday is expected to bring positive sentiment in the US equity market following overall growth in the economy.
MICRON TECHNOLOGY INC
CHART FORMATION
Stock is in bullish trend for near term and price is taking support from trend line with formation of bullish flag pattern on daily intraday chart. Near term breach of resistance level of $29.03 is expected, which would trigger bullish sentiment in the stock to test the levels of $30.50.
INDICATORS:-
RSI is trading with positive bias and in MACD signal line is sustaining over MACD line which is indicating the bullish sentiment in the stock.
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