TradingKey - Micron Technology stock pushes higher toward the $900 mark; will the upcoming CPI data boost it to break through this threshold?
On August 12 Eastern Time, Micron Technology (MU) rose nearly 4% in pre-market trading, with its stock price closing in on $898.52, just shy of the $900 major mark. Whether Micron can ride the momentum to reclaim the $900 psychological level today highly depends on the upcoming U.S. July CPI data and intra-day technical selling pressure from breakeven traders.
Wall Street giants like UBS and Mizuho noted in their latest reports that Micron's high-bandwidth memory (HBM3e/HBM4) capacity for 2026 through 2027 has been fully sold out to AI giants such as Nvidia. Despite this, Micron's stock price has recently fluctuated lower, trading in a narrow range below $900. However, with the U.S. set to release CPI data, capital inflows taking positions have driven a rebound in Micron's stock price, demonstrating strong bullish market momentum.
Last Friday (August 7), the U.S. July Non-Farm Payrolls (NFP) report unexpectedly came in cold, well below expectations, fueling market expectations for a Federal Reserve rate cut in September. If the upcoming inflation data cools, it will further consolidate expectations for a Fed rate cut in September, boosting market risk appetite and giving Micron a strong chance to break above $900 on heavy volume. Conversely, if CPI exceeds expectations, sticky inflation could drive U.S. Treasury yields higher, triggering profit-taking in tech stocks at elevated levels and potentially eroding Micron's pre-market gains to reverse into a decline.
Since late June, Micron's stock price has continued to decline to new lows, with rebound highs simultaneously trending lower to form a downward channel—a classic bearish signal. More notably, after briefly touching psychological levels of $1,000 and $900 during rebounds, the stock failed to break through or stabilize, ultimately reversing into a decline.
Micron stock price chart, Source: TradingView
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