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Micron Technology, Inc. (MU) appears poised for an explosive breakout, both technically and fundamentally. While it remains to be seen whether this materializes by its Q3 earnings report on June 25, the setup suggests a high-probability move is about to happen, and soon.

The fundamental case for a breakout is backed by MU’s deep involvement in the AI memory boom. Its high-bandwidth memory (HBM) is powering Nvidia’s next-gen Blackwell chips, demand is outstripping supply, and prices are rising. With sold-out capacity for 2025 and earnings projected to surge 437% this year, MU’s Q3 report could be the next major catalyst.

In light of these forecasts, let’s put things into context and see where MU has stood over the past year in its comparative performance with VanEck Vectors Semiconductor ETF (SMH), our semiconductor industry proxy, Technology Select Sector SPDR Fund (XLK), for a sector comparison, and Invesco QQQ Trust (QQQ), a stand-in for the Nasdaq 100 Index ($NDX).

MU vs. SMH, XLK, and QQQ: Tracking Relative Performance

Despite its recent rally, MU remains a relative laggard. Whether it breaks out will depend on how effectively it positions itself amid shifting industry dynamics.

FIGURE 1. PERFCHARTS OF MU RELATIVE TO ITS INDUSTRY, SECTOR, AND THE NASDAQ 100.  MU has been the big laggard over the past year. You need to take a closer and more detailed look to gain more insight into MU’s current upward momentum.

While analysts are optimistic about its role in the evolving AI-driven landscape, that thesis will be put to the test when the company reports earnings in the coming weeks.

A Shift in Momentum? What the MarketCarpets Are Revealing

While MU lags its industry peers, it might help you to get a more granular view of performance within the semiconductor industry. This is where the StockCharts MarketCarpets Semiconductors summary can be helpful.

FIGURE 2. MARKETCARPETS – SEMICONDUCTORS. In contrast to its peers, a 5-day view shows that MU is the strongest performer.

Though MU has trailed its industry peers over the past year, the 5-day MarketCarpets view reveals a shift in momentum. With a 13.32% gain over the past week, MU is rapidly narrowing the gap and beginning to outpace its peers.

Weekly Chart Levels: Resistance, Support, and Entry Zones

Typically, you’d drill down to a daily chart for more precision, but, with MU, the weekly chart alone highlights the key levels worth watching.

FIGURE 3. WEEKLY CHART OF MU. The weekly chart shows all key levels, from entry to profit targets and stop loss levels.

The weekly chart view clearly outlines support, resistance, and potential entry and exit points. Listed below are the key levels and scenarios to watch.

MU Price Scenarios: Breakout or Breakdown?

  • Watch the rectangle formation: MU is approaching a breakout above key resistance at $115, just ahead of its June 25 earnings report. A decisive move above the rectangle could trigger long entries from bullish traders.
  • Upside scenario: A beat on earnings and strong forward guidance could fuel continued upside—unless derailed by broader geopolitical risks.
  • Downside scenario: If the breakout fails, look for support near the bottom of the formation. The Volume-by-Price indicator shows a heavy concentration of trading at that level, reinforcing its significance as a support zone. However, a breakdown there may cast doubt on the current uptrend thesis.
  • Profit-taking zone: If MU continues its bullish trajectory, expect resistance and likely profit-taking between $127 and $137, an area marked by multiple highs and consolidation levels throughout 2024.

Why $127 to $137, when the weekly chart shows $130 to $135? Here’s where zooming in helps.

FIGURE 4. ZOOMING N TO A DAILY CHART OF MU. This shows, in much greater detail, the potential resistance levels above.

The top and bottom of this consolidation provide a clearer view of potential resistance, which may also serve as profit-taking levels for short-term traders, so keep an eye on this.

  • Last thing – watch the peak: A second round of resistance and potential profit-taking may occur near $155, a key level that previously marked the stock’s all-time high.

Momentum-wise—and note we’re looking at a longer-term time frame—the Relative Strength Index (RSI) suggests there’s still plenty of room to run before MU enters overbought territory. Volume-wise, however, you will want to see the Chaikin Money Flow (CMF) levels increase once the breakout occurs, confirming that buying pressure is supporting the move.

Quick Take: The Setup at a Glance

In a nutshell: Watch for a breakout above $115 ahead of MU’s June 25 earnings by setting an alert using the Technical Alert Workbench. Note that entering a position ahead of earnings is always a risky prospect. If you are planning to take any action at all, make sure it’s in alignment with your own personal trading strategy and criteria.

A beat on earnings and strong guidance could fuel further upside, but watch out! If Wall Street decides to “sell the news,” due to any detail that dampens investor or analyst sentiment, a sharp decline could follow. If MU moves strongly to the upside, look for confirmation via rising CMF levels, which would signal real buying pressure.

If the breakout fails, key support lies near the bottom of the current trading range. On the upside, expect potential resistance and profit-taking between $127–$137, with a secondary ceiling near $155. The RSI still shows room for further gains before MU becomes overbought.

Final Thoughts: Will MU Deliver on the AI Hype?

MU may be lagging now, but, as the MarketCarpets data shows, momentum is quietly shifting, and the shift may accelerate as MU approaches both a potential breakout level and its earnings date. With a critical breakout level in sight and earnings just days away, consider preparing for a potential surge in volatility, which could move the stock in either direction. If MU does break to the upside, whether it can maintain its momentum post-breakout will depend on volume, CMF strength, and how convincingly MU rides the AI memory wave.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Unlock the power of divergence analysis! Join Dave as he breaks down what a bearish momentum divergence is and why it matters. Throughout this video, Dave illustrates how to confirm (or invalidate) the signal on the S&P500, Nasdaq100, equal‑weighted indexes, semiconductors, and even defensive names like AT&T (T).

This video originally premiered on June 10, 2025. Watch on StockCharts’ dedicated David Keller page!

Previously recorded videos from Dave are available at this link.

Unlock the power of divergence analysis! Join Dave as he breaks down what a bearish momentum divergence is and why it matters. Throughout this video, Dave illustrates how to confirm (or invalidate) the signal on the S&P500, Nasdaq100, equal‑weighted indexes, semiconductors, and even defensive names like AT&T (T).

This video originally premiered on June 10, 2025. Watch on StockCharts’ dedicated David Keller page!

Previously recorded videos from Dave are available at this link.

The U.S. stock market has been painting a subtle picture recently. While the broader indexes, such as the S&P 500 ($SPX), Nasdaq Composite ($COMPQ), and Dow Jones Industrial Average ($INDU), are indeed grinding higher, the daily movements have been relatively subdued. This is a noticeable shift from the more dynamic action we observed in April.

Investors may be waiting for Wednesday’s May Consumer Price Index (CPI), the results of the U.S.-China trade talks, or the next market-moving news headline. What’s encouraging is the underlying strength in market breadth. We’re seeing a healthy number of one-month new highs across most broader indexes (with the exception of Dow Utilities), Bullish Percent Indexes signaling bullish tendencies, and investors gravitating toward offensive sectors vs. defensive ones.

On the surface, everything points to a continuation of the bullish trend. However, as astute investors, our primary objective is to protect our capital. This means we mus always consider the possibility of a downside correction and be prepared to adapt.

This is where the StockCharts Market Summary page becomes an indispensable tool for your market analysis.

Let’s dive into how the Market Summary page can help you gain a unique perspective on market dynamics.

Beyond the Headlines: Uncovering Global Trends

One of the powerful features of the Market Summary page is its ability to provide a global snapshot. If you navigate to the Global Snapshot tab in the Equities panel and sort the “+/- SMA(200)” column in descending order, you’ll notice something fascinating: the Eurozone occupies the top spot while the Total US sits at the bottom (see image below).

FIGURE 1. A GLOBAL SNAPSHOT. The Eurozone is trading well above its 200-day simple moving average (SMA) while the Total US is only 4.37% above its 200-day SMA.Image source: StockCharts.com. For educational purposes.

This insightful view suggests that global markets have been trending well above their 200-day simple moving average than the US market. This insight is worth a deeper dive.

Consider the daily charts of the iShares MSCI Eurozone ETF (EZU) and Vanguard Total Stock Market ETF (VTI) which serve as proxies for these regions.

Since April 8, EZU has been on a steep ascent, demonstrating upward momentum. This price action is similar to the S&P 500, but if you consider the relative performance of the SPDR S&P 500 (SPY) vs. EZU, SPY is underperforming EZU (see bottom panel in the chart below).

FIGURE 2. DAILY CHART OF EZU. The ETF is exhibiting a steep ascent and is outperforming SPY. Will the trend become less steep or continue its steep uptrend? Be sure to monitor the RSI.Chart source: StockCharts.com. For educational purposes.

The Relative Strength Index (RSI) is showing lackluster momentum. Generally, a steep trend loses its mojo after a while and reverts to a more normal trend.

Meanwhile, though VTI has also moved higher, its percentage rise was slightly less than EZU. Also, as EZU hit an all-time high, VTI is still trying to reach that milestone (see chart below).

FIGURE 3. DAILY CHART OF VTI. The ETF is also exhibiting a steep ascent but is trying hard to reach its all-time high.Chart source: StockCharts.com. For educational purposes.

The RSI is showing lackluster momentum, similar to that of EZU, which could mean the steep ascent may be losing its steam.

Identifying Global Opportunities

It will be interesting to see how the global financial market evolves from here. Who will be the first to revert to a more normal sloping trend? Will EZU continue its outperformance, or will VTI take the lead?

And let’s not forget the global ETFs positioned in the middle of the pack. Regions like Asia (ex Japan), Latin America, or Emerging Markets could take the lead. For example, the Vanguard FTSE Emerging Markets ETF (VWO) has exhibited a more classic uptrend. Over the past year, it has outperformed SPY by around 127% (see chart below). The RSI is also showing greater momentum than the other charts we analyzed.

FIGURE 4. DAILY CHART OF VWO. This ETF is exhibiting a more normal uptrend and, over the last year, has outperformed SPY by a whopping 127%. RSI is also rising, suggesting there could be momentum here.Chart source: StockCharts.com. For educational purposes.

Empowering Your Stock Market Analysis

To stay ahead of market trends and uncover hidden gems, investors and traders should regularly monitor the charts in the Market Summary ChartLists. If you haven’t already, download the StockCharts Market Summary ChartPack (it’s free for subscribers).

Scrolling through the pre-built ChartLists will help you to:

  • Stay on top of the market’s price action across sectors, industries, and global regions.
  • Identify market internals, such as breadth and sentiment.
  • Uncover some hidden gems that could translate into favorable investment opportunities.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

LONDON — Wherever Nvidia CEO Jensen Huang goes, excitement follows — this time, all the way to London Tech Week.

The Nvidia boss — whom Wedbush analyst Daniel Ives dubs the “godfather of AI” — is more like a rockstar these days, given his wide-spanning effect on the AI industry.

“The amount of infrastructure required for AI wouldn’t be possible without that man,” one attendee at London Tech Week said.

“He’s like Iron Man,” the attendee added, referencing the popular Marvel superhero who is a tech billionaire inventor under the name of Tony Stark.

The lines to get into the Olympia auditorium were already building around 40 minutes before Jensen was set to take the stage alongside U.K. Prime Minister Keir Starmer. Not everyone managed to get in — but there were helpfully screens around the venue where people could catch a glimpse of Huang’s talk.

The Nvidia CEO gave his continued bullish assessment of artificial intelligence, calling it an “incredible technology” and saying it should be seen as infrastructure, just like electricity.

There weren’t any multi-billion-dollar investments touted at London Tech Week. But the biggest win for Starmer and the U.K. by far was Huang’s lavish praise for the country.

Wearing his trademark leather jacket, Huang called the U.K. the “envy of the world” that is in the midst of a “Goldilocks circumstance,” boasting a vibrant venture capital ecosystem, as well as budding AI entrepreneurs from leading firms including Google DeepMind, Synthesia, Wayve and ElevenLabs.

Speaking alongside Huang, Starmer spoke in an animated manner as he touted Nvidia’s investments in the U.K. Earlier in the day, the U.S. chipmaker announced a new “U.K. sovereign AI industry forum,” as well as commitments from cloud vendors Nscale and Nebius to deploy new facilities containing thousands of its Blackwell GPU chips.

Starmer spoke at length about AI’s promise and the ways in which it could ease the burdens faced by the U.K.’s public sector institutions, from hospitals to schools.

Huang added that the U.K. is “such a great place to invest,” noting that Nvidia plans to partner with the country to upskill tech workers and build out domestic AI infrastructure.

“Infrastructure enables more research — more research, more breakthroughs, more companies,” the Nvidia chief said. “That flywheel will start taking off. It’s already quite large, but we’re just going to get that flywheel going.”

Starmer thanked Huang for his point, commenting that “the confidence it gives when you explain it that way is huge.”

“From our point of view, we’re really pleased to be seen that way,” the U.K. leader said.

The pair shook hands at the end.

Altogether, there was a lot of energy in the room. Huang said he was “excited” for London Tech Week, and he was met with a round of applause from the audience.

Huang has become the CEO everyone wants to be seen with. Nvidia has positioned itself as central to the AI revolution, which many commentators say is in the early innings.

Nvidia wants that revolution to be built on its chips. And for countries like the U.K., these moments provide a chance for the country to tout its investment potential and for its leader to publicly share a stage with the man seen as powering the AI push.

London was Huang’s first stop in a broader European tour.

The Nvidia boss will travel to Paris later this week, where the chipmaker will host its GTC conference. Politicians including President Emmanuel Macron, who has driven France’s ambition to become a European AI hub, will also likely want some face time with Huang.

This post appeared first on NBC NEWS

Chipotle Mexican Grill is hoping that Americans’ love for ranch will boost its sales.

On June 17, the burrito chain is launching Adobo Ranch, a spicier take on the iconic condiment that has transcended salads to adorn pizza, chicken wings and chips. The menu item is Chipotle’s first new dip since queso blanco, which launched in 2020.

The debut comes as Chipotle tries to recover from a rough start to the year. In the first quarter, the company reported its first same-store sales decline since 2020. Executives cited a pullback from consumers who had become more concerned about the economy.

The company also lowered the top end of its outlook for full-year same-store sales growth and said traffic wouldn’t grow until the second half of the year.

Shares of Chipotle have fallen 12% this year, dragging its market cap down to $71 billion.

But Adobo Ranch could help to boost the company’s sales if it draws cautious diners back to the chain’s restaurants.

The dipping sauce is made with adobo peppers, sour cream and herbs and spices, according to the company. Adding Adobo Ranch to an order will cost an extra 75 cents.

Ranch outsells ketchup, although NIQ retail sales data shows that mayo still holds the top spot as the favorite condiment of U.S. consumers.

This post appeared first on NBC NEWS

Walmart’s majority-owned fintech startup OnePay said Monday it was launching a pair of credit cards with a bank partner for customers of the world’s biggest retailer.

OnePay is partnering with Synchrony, a major behind-the-scenes player in retail cards, which will issue the cards and handle underwriting decisions starting in the fall, the companies said.

OnePay, which was created by Walmart in 2021 with venture firm Ribbit Capital, will handle the customer experience for the card program through its mobile app.

Walmart had leaned on Capital One as the exclusive provider of its credit cards since 2018, but sued the bank in 2023 so that it could exit the relationship years ahead of schedule. At the time, Capital One accused Walmart of seeking to end its partnership so that it could move transactions to OnePay.

The Walmart card program had 10 million customers and roughly $8.5 billion in loans outstanding last year, when the partnership with Capital One ended, according to Fitch Ratings.

For Walmart and its fintech firm, the arrangement shows that, in seeking to quickly scale up in financial services, OnePay is opting to partner with established players rather than going it alone.

In March, OnePay announced that it was tapping Swedish fintech firm Klarna to handle buy now, pay later loans at the retailer, even after testing its own installment loan program.

In its quest to become a one-stop shop for Americans underserved by traditional banks, OnePay has methodically built out its offerings, which now include debit cards, high-yield savings accounts and a digital wallet with peer-to-peer payments.

OnePay is rolling out two options: a general purpose credit card that can be used anywhere Mastercard is accepted and a store card that will only allow Walmart purchases.

Customers whose credit profiles don’t allow them to qualify for the general purpose card will be offered the store card, according to a person with knowledge of the program.

OnePay hasn’t yet disclosed the rewards expected for making purchases with the cards. The Synchrony partnership was reported earlier by Bloomberg.

“Our goal with this credit card program is to deliver an experience for consumers that’s transparent, rewarding, and easy to use,” OnePay CEO Omer Ismail said in the Monday release.

“We’re excited to be partnering with Synchrony to launch a program at Walmart that checks each of those boxes and will help serve millions of people,” Ismail said.

This post appeared first on NBC NEWS

When Sana Yousaf turned 17, she posted a video of her birthday celebrations to more than a million followers on TikTok.

They saw her cutting a pink and cream cake beneath a matching balloon arch, the June breeze ruffling her long hair as she beamed against the backdrop of the cloud-covered Margalla Hills in Pakistan’s capital, Islamabad.

Less than 24 hours later, Sana was dead, a bullet through her chest and graphic images of her dead body going viral on Pakistani social media, outraging women across the country, who fear there are no safe spaces for them anymore – in reality, or online.

As Sana’s family prepared for her funeral, disturbing comments started popping up on her TikTok and Instagram posts, most in Urdu, celebrating her killing. “Happy to see these things happening,” read one. Another stated, “My heart is happy today, I’m going to turn on music and dance with joy.”

Under a picture of Sana wearing traditional Pakistani clothes covering her entire body, a comment said, “encouraging young women to seek attention or expose themselves can have serious negative consequences.”

The Digital Rights Foundation (DRF), a women-led nonprofit that promotes online safety, said such rhetoric “dangerously links a woman’s online presence or perceived morality to justifications for violence.”

“This form of digital vigilantism contributes to a broader culture of victim-blaming, where abuse is normalized and accountability is shifted away from the perpetrator,” the DRF said in a report released soon after Sana’s death.

Alongside toxic online comments, rage has simmered among women across Pakistan, who are demanding justice for Sana, pointing to a crisis of masculinity in the South Asian nation.

And Pakistan is far from alone in seeing heated debates over the prevalence of violence against women.

Recent multiple murders in Latin America, including a Mexican influencer who was shot dead while livestreaming, has sparked indignation and highlighted the high rates of femicide across the continent.

British miniseries“Adolescence” became a global hit this year with its raw depiction of the damage caused by online misogyny while a recent largescale Australia study found one in three men saying they have committed intimate partner violence at some point in their lives.

Few safe spaces online

Sana’s TikTok content would be familiar to any teenager online. Her recent shorts included showing off her fashionwear, singing songs while driving, and filming a blowdry at the salon.

But for prominent women’s rights campaigners, Sana’s death was the ultimate outcome of unrestricted online abuse of women in a patriarchal country.

Amber Rahim Shamsi, a prominent journalist and Pakistan editor of a news digital platform, Nukta, says she was relentlessly harassed online in 2020 for a variety of issues, including her views on women’s rights.

Shamsi agrees that there is a crisis in masculinity, “especially in how it plays out in our digital spaces.” And that it needs to be talked about “not just for women’s sake, but for men’s, too.”

According to Shamsi, “social media has amplified women’s voices – especially those of young women – who are increasingly educated, politically aware, and unafraid to own their choices. That visibility, that confidence, is unsettling for some men who have grown up believing their authority, their control, is a given.”

“It’s an identity crisis,” says Shamsi. “A subset of men is reacting with anxiety and aggression to this shift in gender dynamic as though the solution is to shrink women’s spaces, rather than question why so many boys are being raised to feel threatened by equality.”

The DRF’s report stated that since 2017 its helpline “has documented over 20,000 cases of technology-facilitated gender-based violence and online threats, numbers that have only grown.”

Kanwal Ahmed, a Pakistani social entrepreneur and storyteller, runs Soul Sister Pakistan, a Facebook group created in 2013 with over 300,000 followers. For years, it’s operated as a popular safe digital space for Pakistani women online, but Ahmed says the criticism of her page has been unrelenting.

“We have been called a man-hating, trauma-bonding club where all women do is gossip,” said Ahmed, who works with volunteers to help women in need who post on the page.

Sana is not alone when it comes to unwanted online attention that’s moved to real life. Ahmed recalled a case in 2019 of a young woman who had been stalked by a man after her friend leaked her number online.

“The only difference between her and Sana is that she wasn’t killed, the stalker turned up at her door,” said Ahmed. “You don’t have to be an influencer to face this, it can happen to anyone.”

There’s a perception in Pakistan that “violence that takes place online is not ‘real’ and is therefore less harmful,” Tariq said. But she added that what are sometimes seen as “merely virtual” online threats can often turn to physical violence.

Putting the focus on men

Much praise has been heaped on Pakistani authorities for their sensitive and swift handling of Sana’s murder, but some commentators say that’s missing the point.

Usama Khilji, the director of Bolo Bhi, a digital rights advocacy group Bolo Bhi, says Pakistan should be talking about educating boys about online harassment.

“Men in leadership positions need to be talking about these issues,” according to Khilji.

Khilji said hate speech against women in Pakistan is still “not a priority, and he’s called on the government to “show leadership in combatting online crimes against women.”

Sana’s murder comes less than two weeks after a landmark ruling by the country’s Supreme Court upheld the death penalty for Zahir Jaffer, who murdered Noor Mukkadam, the daughter of a distinguished diplomat, in 2021.

The brutal beheading horrified the country and renewed calls for better protection for victims of gender-based violence.

Noor’s father, Shaukat Mukadam, has been lauded for his relentless campaign for justice for his daughter. After the ruling, Noor’s family issued a statement saying the verdict was a “powerful reminder that women’s lives matter.”

“Every moment with her was unforgettable,” he said.

This post appeared first on cnn.com

French 7’3” NBA star Victor Wembanyama may have just unlocked a new position: Shaolin monk.

Wembanyama, who ended last season early due to a rare blood clot in his right shoulder appeared to be looking for some off-season spiritual peace and strength at a Shaolin Temple in central China.

A widely circulated image showed the San Antonio Spurs center with a freshly shaven head, sitting pensively in front of small Budda statues inside a room typically used by abbots to receive guests.

Chinese state media reports confirmed on Monday that he was indeed at the temple.

NBA said on its official Weibo page on Monday that “according to reports” Wembanyama has shaved his head and begun a 10-day retreat in the Shaolin Temple.

In a separate video on Douyin, China’s version of TikTok, a bystander spotted the towering basketball player at the temple.

The 1,500-year-old monastery, nestled deep in the forested mountains of central China’s Henan province, is known for Zen Buddhism and the Chinese martial art of kung fu.

Retreats at the temple focus on discipline, meditation and inner harmony and aim to help disconnect from real-world distractions.

The 21-year-old Wembanyama – a 2024-25 NBA All-star and 2023-24 Rookie of the Year, just went through a tough season.

He had been out since February following a rare deep vein thrombosis diagnosis and several weeks later the Spurs were officially eliminated from playoffs.

Wembanyama seemingly wanted to stay low-key on his journey at the monastery.

But a state-owned outlet of Henan province, where the temple is located, reportedly learned from people at the temple that “Wembanyama is indeed currently in the Shaolin Temple, but the relevant matters are not convenient to be disclosed to the public”.

Right before the spiritual tour, the French basketballer spent a couple of fun days in Beijing. Locals spotted him shopping, playing basketball, walking in a park, and even visiting the Greal Wall, as shown in their social media footage.

The San Antonio Spurs on Friday shared a video on Instagram of Wembanyama as he visited the Great Wall of China in Beijing.

“It’s Victor Wembanyama. Life in China on the Great Wall itself, having an amazing time. It’s crazy,” he said.

The Shaolin temple often attracts well known figures. Prominent US YouTuber IShowSpeed visited to the same temple back in March, training with a kung fu master and generating millions of views on his social media accounts.

This post appeared first on cnn.com

India’s coast guard is fighting a massive blaze aboard a container ship that’s threatening to sink about 15 nautical miles off the coast of Kerala as the search continues for four missing crew members.

Images showed flames and towering plumes of diesel smoke rising from the Singaporean-flagged MV Wan Hai 503 that was tilting “10 to 15 degrees” in the water, according to Indian Coast Guard Commandant Amit Uniyal.

Explosions were still being heard on Tuesday, more than 24 hours after the Indian Coast Guard responded to a distress call. Around 9:30am local time Monday, the ship’s crew reported a fire caused by an explosion, Uniyal said, though it’s not clear what caused the blast.

Eighteen sailors were rescued from the stricken ship with “some injuries,” according to The Maritime and Port Authority of Singapore. Four crew members remain missing.

The 269-meter (890-foot) vessel left Colombo, Sri Lanka on June 7 and was set to arrive in Mumbai, India on Monday.

Five Indian Coast Guard vessels were fighting the fire Tuesday, reporting that “explosions persist from mid‑ships to the container bay ahead of the accommodation block,” according to an official social media account.

Images posted by the Indian Coast Guard show flames, black smoke and charred containers. An environmental observation vessel is monitoring their efforts, but the scale of the impact is not yet known.

The incident is the second serious shipping incident off Kerala in under a month, after the Liberian-flagged MSC ELSA 3 sank on May 25.

The vessel went down with over 600 containers including 13 containing “hazardous cargo,” according to the government of Kerela which initiated an environmental emergency and instructed fisherman against working in the area.

India’s Director General of Shipping said none of the 61 containers that washed ashore from the MSC Elsa 3 contained hazardous cargo and 51 had been removed from the shoreline as of June 9.

An underwater operation has been launched to cap the sunken ship’s oil tanks and eventually salvage its fuel, the office wrote in a statement.

This post appeared first on cnn.com