As you can see on our daily candlestick chart above, Micron (MU) shares look ready to leave their rally and head south.
The historic panic plunge in oil may grab the headlines, but it’s Tech shares that look terrible.
The struggle is real, as Wall Street darlings like MU fade under the negative influence of a down trend.
We’re watching for a big test of underlying support (demand) in the low-$30s. The negative character of the behavior of price movement is depicted by the appearance of consecutive black candle lines right at technical resistance (supply).
This indicates the likelihood, but not the certainty, of lower prices down the road.