Micron Technology Inc. (NASDAQ:MU) stock fell more than 1% in premarket trading Wednesday as investors took profits in semiconductor stocks following a strong multi-month rally.The decline came despite a positive broader market backdrop. Nasdaq futures rose 0.5%, while S&P 500 futures gained 0.2%.The stock has posted strong gains over the past 12 months and remains in a longer-term uptrend despite recent weakness. Investors are also watching whether the shares can regain short-term momentum after pulling back from recent highs.Technical Levels Remain In FocusMicron is trading about 7.3% below its 20-day simple moving average of $1,050.69. However, the stock remains 6.2% above its 50-day SMA of $916.74 and more than 100% above its 200-day SMA of $472.44.The relative strength index stands at 50.12, indicating neutral momentum. The reading suggests the stock has cooled from its previously overbought levels and is now consolidating.The next key resistance level is near $1,089.50. Support is around $891.50, close to the 50-day moving average, where buyers may step in if selling pressure increases.Earnings Expectations Stay StrongWall Street expects Micron to report its next quarterly results around Sept. 22.Analysts forecast earnings of $31.24 per share, up from $3.03 a year earlier. Revenue is expected to increase to $50.72 billion from $11.31 billion.The stock trades at about 22.2 times earnings.Analysts maintain a consensus Buy rating with an average price forecast of $1,548.86. Recent analyst actions include: