Jim Cramer on Micron: "The Chart is Saying We Gotta Wait"

Micron Technology, Inc. (NASDAQ:MU) is one of the stocks Jim Cramer reflected on. A caller inquired about the stock and its sudden decline. Cramer responded:

“I gotta tell you, I look at it every day… Do you know, I said… What’s with Micron three times today? I think that run from $70 to $130 really got people spooked. I don’t know. Now everyone’s talking about how the chart’s bad. I’m with you. I think the stock is inexpensive, but you know what? The chart is saying, we gotta wait. I’m going to obey the chart. I just am, I’m going to obey the chart. And anyway, I like NVIDIA.”

Micron (NASDAQ:MU) develops and sells memory and storage products, including DRAM and flash-based solutions, under various brands and channels. Its technologies serve markets such as data centers, PCs, mobile devices, automotive, and industrial applications. In a June episode, Cramer said that he likes the stock at $120. He commented:

“Alright, well, this is not unusual for Micron. I’ve seen this happen many times at Micron. This stock went literally from $60 to $126, and they did a fantastic quarter. But there’s no way that a stock that goes from $60 to $126 can go higher, no matter how good it is. This is a momentary pullback, and then you’re going to have to start buying the stock all over again. I like the stock at $120.”

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Disclosure: None. This article is originally published at Insider Monkey.