Stock Track | Direxion Daily MU Bull 2X Shares Plunges 5.35% in Pre-Market on Technical Correction Following Overbought Rally

Stock Track06-04 16:04

The Direxion Daily MU Bull 2X Shares (MUU) experienced a sharp pre-market decline of 5.35%. The leveraged exchange-traded fund, which aims to deliver twice the daily performance of Micron Technology Inc., moved inversely to its recent strong uptrend.

The pullback follows a historic rally in Micron Technology's stock, which had pushed the underlying asset and its leveraged tracker into technically overbought territory. Despite Micron surging over 77% in May alone—its best monthly performance since 1987—and crossing the $1,000 per share threshold, multiple overbought signals emerged. The stock's 14-day Relative Strength Index (RSI) exceeded 70, a technical threshold widely viewed as a precursor to correction.

Traders appeared to take profits after the significant run-up, leading to a correction that was amplified by the fund's 2x leverage structure. The move represents a technical adjustment as the market digests Micron's substantial gains, even as several Wall Street firms maintain optimistic long-term price targets based on sustained AI-driven memory demand.

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