TradingKey – Micron shares tumble over 7% to trigger selling pressure, technical analysis warns of potential 20% downside risk.

On August 19 ET, Micron Technology (MU) continued to drop about 2% in overnight trading, temporarily trading at $921.63. Yesterday, Micron Technology faced heavy intraday selling pressure, with its stock plunging 7.02% to close at $940.76, as its single-day turnover surged to $35.3 billion, topping the U.S. stock market.

Yesterday, the semiconductor and storage sectors suffered a broad position flush. Beyond Micron’s crash, Seagate Technology (STX), SK Hynix (SKHY), and SanDisk (SNDK) all tumbled over 9%, Marvell (MRVL) dropped over 8%, and Western Digital (WDC) fell over 7%, indicating a collective exit of…