Long Trade in MU
Micron is a semiconductor stock riding some of the momentum from yesterday’s earnings beat at Nvidia.
Notice the textbook breakout pattern that has formed over the last three months – a series of shallowing retracements with resistance at $64.
The 200-day moving average is finally turning up and other MA's are properly stacked and trending higher.
This is the first breakout into a new Stage 2 uptrend which is exactly where I like to buy. Look to build a position in the mid 60s if possible.
The trade sours if it closes below its 50-day moving average (red line on chart) which is currently around $62 and rising.
Notice the textbook breakout pattern that has formed over the last three months – a series of shallowing retracements with resistance at $64.
The 200-day moving average is finally turning up and other MA's are properly stacked and trending higher.
This is the first breakout into a new Stage 2 uptrend which is exactly where I like to buy. Look to build a position in the mid 60s if possible.
The trade sours if it closes below its 50-day moving average (red line on chart) which is currently around $62 and rising.
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