Since the upward penetration of the triple top last week, Micron has been pushing upward. Not only has the stock price been pushing upward, but since the bottom of the last valley in the triple top formation, Next Years earnings estimates for 2018 have been on an uptrend.
The chart and table show the action since the week ending 8/11/17. The last row in the table is the summary for the first 3 days of this week. Note the technicians were able to drive the price down to the 26 area as predicted(give the techs their due) but then the rebound started. As the table shows, Micron has gained through today over 6.50 per share since the week ending 8/11. During that time, Next Years earnings estimate has gone from 6.02 to 6.25 as of today. That has continued to depress the Next Year PE value which has risen to only 5.5 as of today.
Delaney of Goldman Sachs just put out a buy rating on Micron with a 40 dollar price target. Reviewing the triple top formation and what a breakout portends as the initial target price, it is around 40 dollars(hmmm, you don't suppose Delaney is a "technician in fundamental clothing" do you?:-) Now that the technicians are no longer in charge of Micron pricing it will be very interesting to see where the next interim price peak occurs. Also, where will Next Year earnings end up after Micron's earnings report for Q4FY17 is reported the week after next and the "dust" settles.