2 charts: one story - many endings.
A long-term channel break occurring in MICRON TECHNOLOGY(NYSE: MU) could bode well for itself in the next bull market. A channel break, as shown in the first chart, is the sign of a reversal of a trend and direction of the channel. The trend has been down for Semis since 2000 as you can see in The Other Commodity post. If you believe we are to emerge from this crisis stronger, then high-tech manufacturing could be our new shop floor.
If we look at the second chart, which shortens our time frame, we can see a potential cup and handle formation forming. Cup and handle formations are traditionally continuation patterns, and not long-term bottoming patterns, but the channel break could be of more importance in determining which way this stock should go from here.
And since we are in the midst of the unfamliar, a stop loss should be placed at around 2.50 which would break the pattern and cause for more consolidation or continuation of the downtrend.