Micron’s (NASDAQ: MU) stock price rally is not over. The move is fundamentally driven by AI and its impact on revenue and Micron’s position in the global semiconductor industry. The move is technically driven by forces rooted in the DotCom bubble of 1999/2000 and can easily reach the $190 level soon.
Technically, Micron has been trapped in a trading range dating back to the DotCom peak and only recently broke out. That move implies a rally equal to the range’s magnitude, which is approximately $96. Adding $96 to the DotCom high gives a target of roughly $190.
