Micron: An 820% rally walks into earnings does the trend hold?Micron Technology, Inc.BATS:MUKearabilwe-NonyanaMicron Technology has been one of the single best stock performances of this cycle. Stocks have gained around 300% year-to-date and have increased by more than 820% in the last twelve months, closing Friday's trade up 8.70% at $1,133.99 following Rosenblatt, Stifel and Wedbush raising their price targets significantly, with Stifel's Brian Chin hiking his target to $1,500. This move has been driven by structure rather than speculation. AI-related demand is using up all existing memory production capacity, DRAM contract prices have been rising at double-digit rates during this quarter, and Micron is squarely in the middle of the high-bandwidth memory ramp-up for which every major AI accelerator needs. The thing to note in this situation is that the easy part of this story could be behind it. Micron is set to report its fiscal third-quarter financials after hours on Wednesday, 24 June just two trading days away and the Street expects revenues of $34.8 billion and earnings per share of $19.72. At this level of valuation, the market is not just rewarding good numbers anymore. The price, however, is starting to send out a message that needs careful thought about it. Indeed, what the price action is saying is that the stock has done practically everything right technically-speaking, but it is already showing signs of being part of a trend that has struggled to gain its strength and needs a new impetus to continue with it. Indeed, the structure of the EMAs is still bullish as the price respects the EMA 9 and EMA 20 throughout the entire uptrend since May, while the EMA 200 is way behind , which is already indicative of how strong this trend has been compared to its longer term trend. The RSI also shows a very similar pattern that other charts have shown recently when breaking out as the RSI is still above the signal line, thus, signaling that buying pressure is still technically in control, but the spread between the two has shrunk significantly compared to May, when the RSI managed to rise above 70.This contraction represents what the chart is saying in its own language that the momentum is no longer accelerating as confidently as it did.The MACD line stays above the signal line, and thus, technically, the bullish scenario remains in place, although the histogram has contracted compared to the highs registered in May and in the first half of June, with a strong red candle on the early-June retracement. This is not a reversal signal. This is the price asking if the next leg up needs a shock from Wednesday’s report, and the answer will be known in two days. Trade recommendation Direction: Long Entry horizon: $1,100 – $1,150 Primary target: $1,200 Secondary target: $1,500 Stop loss: $1,025 Technical scenarios Beat-and-raise breakout: Micron exceeds revenue and EPS and raises guidance. RSI reclaims >70, MACD turns positive. Target $1,200+, with $1,300–$1,500 if guidance surprises. In-line print, sell-the-news: Results meet expectations but lack meaningful surprise; profit-taking likely. RSI cools to 50–55; MACD contracts. Watch EMA 20 near $1,025 for stabilisation. Guidance miss or margin disappointment: Management signals margin pressure or HBM oversupply. RSI breaks