Micron Stock Tests Key Support as Options Traders Circle

Micron Technology Inc (NASDAQ:MU) stock is dragging the semiconductor sector today, down 3.6% to trade at $991.93 at last check. Chinese memory chipmaker ChangXin Memory Technologies (CXMT) made significant progress on a new memory-cell design aimed at increasing storage density, raising competition concerns for major memory producers.

Today's price action has Micron Technology stock headed for its third-straight loss. The shares are still up 247% year to date, however, with the 100-day moving average stepping up as potential support.

Per Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that saw the most options volume over the past two weeks, MU saw more than 7.7 million calls and 5.3 million puts exchanged during this time frame.

Despite calls outnumbering puts, today's options activity is leaning bearish, with net option delta volume of -79,314 shares. Bearish pressure is narrowly outweighing bullish pressure, accounting for 50.4% of the day's order flow compared to 49.6% bullish.

Micron's Schaeffer's Volatility Scorecard (SVS) sits at 80 out of 100, suggesting the equity has tended to outperform options traders' volatility expectations during the past year.