MU trade ideas
MU - Micron Technologies - Bullish Pennant / $49.65 Entry 0. Nice entry, after guidance, and a Bullish Pennant / Ascending Triangle forming;
1. Looking for movement above $55;
2. Looking to sell PUTS here on the July 17th Strike, to get in at a lower price;
3. Great longer term entry sub $50;
- drchelsea
MU Rising WedgeMU Idea
A clear rising wedge has formed between the dominant trendline and another trendline below this line
A inverse H&S has also formed with a possible right shoulder already printed, a possibility that it is a fake and another will be printed as a result of the rising wedge.
$MU Earnings Trade setup for Micron
Awaiting possible long on break above 200ma and Fibonacci resistance.
Catch up trade in comparison to NVDA
Broke local downtrend, while uptrend held during last weeks selling.
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$MU Micron Long Into earnings
Possible long on break from wedge and daily resistance @$49.50
Possible short on loss of support @ $47.35
Indicators are very bearish and range is tight with 200ma as resistance and 50-100ma as support.
MU has a lot of hope on its shoulders going into earnings, a good report could help reverse the SMH
THE WEEK AHEAD: MU, FDX EARNINGS; XOP, IWM, EWZEARNINGS:
MU (36/64/11.7%) announces earnings on Monday after the close. Pictured here is a 19 delta short strangle in the July expiry, paying 1.55.
FDX (46/59/11.4%) announces Tuesday after the close, with the 20 delta July 17th 115/147 paying 4.56.
EXCHANGE-TRADED FUNDS ORDERED BY RANK AND SCREENED FOR 30-DAY >35%:
EWW (59/44/12.6%)
EWZ (47/63/17.7%)
XLE (45/52/16.0%)
GDXJ (43/60/17.7%)
SMH (37/42/12.0%)
GDX (36/45/14.5%)
XOP (32/70/20.2%)
USO (13/67/16.7%)
Would probably go out to August here (54 days) ... . Looked at through the lens of what the short straddle is paying as a function of share price, it looks like I should be selling premium in XOP (20.2%), followed by EWZ (17.7%) and/or GDXJ (17.7%).
BROAD MARKET ORDERED BY RANK:
IWM (57/45/12.7%)
QQQ (38/32/<10%)
EFA (37/29/<10%)
SPY (37/34/<10%)
Small caps continue to be where the juice is at.
IRA DIVIDEND-GENERATORS
IYR (53/40/11.7%)
XLU (50/33/<10%)
EWZ (47/63/17.7%)
EWA (46/40/11.2%)
EFA (37/29/<10%)
SPY (37/34/<10%)
HYG (35/20/<10%)
EMB (20/18/<10%)
TLT (20/19/<10%)
EWZ offers both better better premium as a function of stock price than IYR at the moment, as well as slightly higher yield (3.66% for the former; 3.50% for the latter). Since I've already laddered out IYR, I may dip at the EWZ well with the 16 delta short put paying .70 in August at the 22 strike, .84 in September at the 21 ... .
MU still in playFew rejection at re-bounce area show that MU still having strong movement to resistance area. Opportunity to buy at current or slightly below consider as low risk ratio compare to reward.
MU BULLERISH Earnings playMU is in a clear ascending channel, has set up meaningful resistance at the $48 level last week. Looks like it has consolidated at the lower end of the channel and is going to make a move up to the top of the channel. This has set up an opportunity to the long side if MU respects the channel it is in. Monday is earnings for MU after market close, I'm not really sure what it is expected and how they have been doing,a few weeks ago I played the $50 breakout successfully, it ran to 54 where I closed the trade.
This chart presents two trade setups because of the positioning of the stock and the underlying catalyst for a move to either direction.
Bullish: MU price target is $54 upon good earnings as a catalyst to move the stock from the lower end of channel to the higher end of the channel, I'll be playing Jul 31 - Aug 07 options as the longest up move from the lower end of the channel took 24 days to complete.
Side note: MU has earnings on Monday after market close, this means that IV will be extremely high on Monday and might not be worth buying options until after earnings. I have already started a position with Jul 17th options, which I will most likely close at the end of day Monday if MU makes a good move off the lower channel because of IV crush the next day and will re enter if indeed the lower of the channel is respected and the stock moves higher on earnings.
Bearish: If MU breaks that lower end of the channel, it could possibly break down and head lower or bad earnings or even good earnings that did not meet expectation. This entry will be based on whether MU holds that $48 level or not, if not could profit really nicely to the downside with options as well, as put options tend to gain more as vol increases (it mostly increases as the stock goes down)
This is not FINANCIAL ADVICE and SHOULD NOT be taken as a trade just based on what I have put out here. Do your own analysis and use mine as supplementation to support your thesis, mine is strongly to the upside more than to the down side and I have a clear plan as to how I will execute with technical and time stops. OPTIONS ARE NOT FOR EVERYONE, check with your broker or financial adviser first.
MU BUY OR LONG TARGET UP TO $60MU Triangle Ascending pattern and has a pull zone of $ 50.5
MU buy : $51
MU Target : $60 +-2
Stop loss : $47
Wish you a successful trading!
MU Analysis (1Hr Chart)Weekly
- Diving Board Pattern (Starting Dec 16th, 2019)
- Bullish Momentum
Daily
- Bullish Channel
- Slightly Decreasing Volume
1Hr
- Island Top Reversal, which seemed to be short lived
- Bearish Rising Wedge
Prediction
- Break of the Rising Wedge to the Upside w/ Earnings Run Up
- 1st Price Target: 59.59
- 2nd Price Target: 67.31
$MU Micron Following the Channel
Bullish move setting up as RSI is in reversal as is the MACD
Possible upside targets to recent pivots
MU: Ascending triangleAscending triangle
Descending volume
200MA = bullish
PPS = above 50MA
250RSI = above 50, bullish
ATR trending upward
Targer price = 78,47$ if confirmed.
Long MU 58$ target if Channel HoldsMU is getting the attention of some professional traders. Will be on watch to break the $49 VWAP and will be using bull spreads to cover. Credit spreads if it breaks the channel to the downside. Please post below if you agree or disagree.
MU Long, Using "MM_UpTrend_Buy" to find trading opportunityAdd my study "MM_UpTrend_Buy", Add EMA(144)
Today shows "buy" flag.
Entry: 48 (below 48.8)
Stop: 45; when trend line break, and Below EMA144
Target: 60; risk/reward=1:3
This is a trading school homework. I need few months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
Gap Closed, Resistence brokenGap Closed, Resistence at 50.00 has been broken, price above MA 50, MA 100 and MA 200. Good to go long at market, inital target @ 55.5 and a longer term taget @ 60.00
Cancel trade if price closes below MA 200 (48.54 as of today)
This is not trading advice, just my personal analysis.
MU might hit 60 in couple of weeksThis is just my opinion on MU. Research before you invest.
MU just broke out of an Ascending Triangle. Target of 60 in few weeks.
MU previous max as baseLooking at upward trend based on support and downward possible trend based on previous resistance.
MICRON TECHNOLOGY now is in BUY situationHey traders, MICRON TECHNOLOGY is pushing up, breaking of the stabilization zone in sight for testing of a new zone to come.
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