Wall Street raises the bar ahead of Micron earningsMicron Technology, Inc.BATS:MUinkicho_exnessMU | 4H Technical Analysis — Jun 24, 2026 Investors are watching tomorrow's Micron Q2 earnings closely as a key read on AI memory demand. Goldman Sachs raised its revenue estimate from $34.7B to $37.6B and EPS from $20.03 to $22.07, implying 304% and 1057% year-over-year growth respectively, both well above the Street's $34.4B and $19.74 consensus. Bank of America raised its price target from $950 to $1,500, citing data center growth and a higher long-term semiconductor market forecast of $2.7T by 2030. However, analysts note the flip side: memory is becoming a rapidly growing share of hyperscaler capex, projected to rise from 35% in 2026 to 48% in 2027, meaning AI infrastructure costs are increasingly being driven by memory pricing. MU has been in a powerful ascending channel since the April low near 310, with price advancing to the current 1,050 area, a near-tripling within the channel structure. EMA21 (1,051.32) and EMA78 (866.01) remain in a strong bullish cross, though EMA21 has flattened recently as price dropped sharply from the 1,215 level. The advance has been remarkably orderly within the channel, with clean tests near 815 and 900 providing reliable support, while the upper bound capped the move near 1,200–1,215. Price has pulled back sharply today ahead of earnings, now sitting around the mid-channel zone. RSI at 51.94 has cooled from repeated overbought readings near 80 throughout May and June, suggesting room exists before the print without immediate exhaustion risk. Fibonacci extension levels at 1,300.75 (1.272) and 1,409.93 (1.618) remain the next structural targets should the channel advance continue post-earnings. Key levels to watch: Resistance: 1,215 (channel high) / 1,300.75 (1.272 fib) / 1,409.93 (1.618 fib) Support: 1,015 / 900 / 866.01 (EMA78) / 900 / 815 Bear case: A disappointing print or guidance miss relative to the now-elevated Goldman estimates could trigger a sharp reversal. A break below 1,015 and the ascending channel lower bound would mark the first real structural crack, opening a retest of 900 and EMA78 at 866. Bull case: A beat-and-raise quarter that validates the Goldman and BofA upgrades would likely fuel a breakout above 1,215, opening the path toward the 1,300 and 1,409 fib extensions. The structural AI memory demand narrative remains intact as long as price holds within the ascending channel. Bias is bullish but earnings-dependent — the channel structure is intact and RSI has reset, but with expectations raised sharply into the print, the reaction to tomorrow's results will likely determine whether the channel breaks out or tests its lower bound.