MU trade ideas
Micron TechnologyInstitutional shares at 135.41%
Institutional Owners 2276 total, 2208 long only, 12 short only, 56 long/short
Projected earnings for October 5th: 2.31
Info provided by Ortex stock screener,
SELL:0
ANALYSTS
HOLD: 7
ANALYSTS
BUY: 26
ANALYSTS
TARGET PRICE: 114.43
RETURN POTENTIAL: 48.46%
Potential for a very large move in the future.
/// Short term moves///
$MU June Update *This is not financial advice, so trade at your own risks*
*My team digs deep and finds stocks that are expected to perform well based off multiple confluences*
*Experienced traders understand the uphill battle in timing the market, so instead my team focuses mainly on risk management*
Recap: My team has been analyzing $MU for the past few months. After consolidating in the $74-84 range for the past few weeks we finally believe that $MU is ready to take its leap to go past $100. Investors should expect $MU to uptrend similarly along with other semiconductor companies in the near-future due to tech rebounding.
$MU is releasing their May quarter results on 6/30/21. My team remains just as confident as before in $MU and expect stock price action to benefit from this report.
My team entered $MU on 6/14/21 at $79.36 and still plan to take profit at $104.
Entry: $79.36
Take profit: $104
Stop loss: $75
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MU at a critical pointMU is at that point where it needs to make a move either significantly upwards or down. Selfishly
I want this to be up and I think earnings will settle the long term investor down with the recent price deflation of the memory chip segment which I personally think is a bit early. Seeking alpha posted a great article detailing ZERO EVIDENCE that these memory chips will fall in margin anytime soon. I agree.
I want to see MU break the $85 mark WITH VOLUME as confirmation and push up towards a retest of $96.96. I think if this happens it will actually break this resistance and push towards $105-$115.
If it can’t break $85 I would exit the position if you are long as a bearish downtrend might be eminent.
$MU, Textbook Falling Wedge, ABC Correction Wave,Fib RetracementIf you missed buying MU at 72, then now is your moment. On chart you can see, price bounced off the 38.2 few days ago. As in every other falling wedge we like to see increased volume on the lower side as in early May and 19th of June. Earnings couldn't push the stock over the wedge, but there's a really good chance MU wont go under 75 in the near future.
Bullish Targets: 80-85 by mid August, at ATH by end of August.
Busted Pattern: Under 72
Options play: STO AUG 20 $72 Put or defend with a spread. Naked $80 Calls
MU will overtake AMD in a yearOut of the two stocks, AMD and MU, this is the one that is the better buy right now. MUs last earnings report was stellar, but not perfect and it had a bit of a drop. AMD has overtaken it as the more expensive stock, but we have seen this before, last year. Pay attention in the next upcoming days for a good 'discount entry point' and hold for a year or more.
This is not financial advice.
Micron internals improvingTechnical Analysis
From the beginning of May, MU has been kept in a range; however:
RSI has been making higher lows where price has been retreating at the same support level.
OBV is confirming the uptrend in volume within the consolidation range.
These two bullet points support a bullish case for MU.
Trade analysis
I expect MU will try to test the roof of the consolidation range at $85.5 approximately; after, a re-test of the 50sma as support could signal a potential buy.
Micron Technology: The Spirit of 76?This week was cut short by Independence Day. That makes it a good time to view Micron Technology, which seems to have the spirit of 76.
The memory-chip maker had a false breakdown below that level on January 27. It quickly rebounded and returned to test $76 three times since mid-May. Interestingly, the current bounce is happening near the rising 200-day simple moving average (SMA) .
Meanwhile, resistance is bearing down from an intermediate-term downtrend. Notice the declining 50-day SMA (in red). Traders may want to watch for a potential breakout as these two moving averages converge from above and below.
Next, MU’s stochastics are oversold on both the daily and weekly charts. This, combined with apparent support at $76, may suggest downside is limited.
There could also be strong fundamentals with the global chip shortage continuing and more demand on the horizon as the 5G buildout continues.
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Micron at critical pointMicron is either about to break that 200 EMA and fib level and go down to the 60s or bounce off and make a bull run. The financials are there. The technicals are there.
But for some reason people are scared of this incredible company that has posted incredible results. Record numbers and record guidance should help them maintain these levels.
If it bounces I would jump in personally.
