Mapping the Market: Micron shares appear set for further losses

By Christopher Romano NEW YORK, Oct 15 (Reuters) — Micron Technology shares have had a strong year, up around 220%, but they have struggled since peaking in June and look headed for another pullback, technical analysis indicates. Click here for a detailed technical analysis chart. Technical analysis uses charts of past price moves to help predict where a market might go next. Many analysts use candlestick charts. Each bar, or "candle," shows the price a stock opened and closed at, plus its highest and lowest prices, over a set period such as a day or a week. Together, the candles show whether buyers or sellers have the upper hand. Analysts also look for repeating shapes in these charts, called patterns, that have come before rallies and drops in the past. One of these patterns has formed on Micron's weekly chart, where each candle covers one week of trading. It is called a rising wedge. It is made of two upward-sloping lines, one linking the stock's recent highs and one linking its lows. The lines slowly get closer and would eventually meet. Even though the pattern forms while prices are climbing, the narrowing shows the rally is running out of steam. It usually means losses will f