Micron Stock: What's Driving the Recent Surge?

Micron Technology's stock has been making waves, and it's not just luck. Insiders are putting their money where their mouth is, buying up shares. Board member Teyin Liu, for example, grabbed a chunk of shares over two days. First, 11, 600 shares at $337. 07, then another 3, 780 and 7, 820 shares the next day. Now, Liu owns 25, 910 shares directly. This kind of insider buying can be a green flag for investors, showing confidence in the company's future. But it's not just insiders who are bullish. The stock is on a tear, trading way above its key moving averages. The 20-day simple moving average is at $303. 67, and Micron is 17. 3% above that. The Relative Strength Index (RSI) is at 66. 22, which is neutral but getting close to overbought territory. So, while the momentum is strong, traders should keep an eye out for a potential pullback if the RSI crosses 70.The Moving Average Convergence Divergence (MACD) is also above its signal line, another sign of bullish momentum. This could attract more buyers and keep the upward trend going. However, there are no clear support or resistance levels right now, so traders need to watch for any price action that could set these levels. A golden cross in June, when the 50-day SMA crossed above the 200-day SMA, was a big bullish signal. The stock's current position above these moving averages supports that view. Over the past year, Micron's stock has surged 247. 47%, showing strong long-term growth. This impressive gain suggests that traders should stay optimistic about future price action. As of Friday, Micron shares were up 6% at $356. 95, hitting a new 52-week high. This surge is not just a blip; it's a trend backed by strong fundamentals and insider confidence.