MY MU Micron Technology LONG IDEA 25/11/2024So it is very important for me to state that this is a very risky entry. It is Thanks giving and there is low volume out there. There is a chance that this trade may not work out and I might get stopped out but if my strategy applies to this chart then I will take the opportunity.
So why did I take this trade?
I love diversifying my portfolio and discover many different options to invest my capital in. Best place to find an asset that matches my criteria of trading which catching a trend is in stocks. I went to the trading view stock screener and selected the "Healthy Growth Technology Stocks" and in that list I found many different assets that are interesting and one of them happened to be MU.
What is Micron Technology?
Is a stock that engages in Memory and storage solutions.
"Micron Technology, Inc. engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU), Mobile Business Unit (MBU), Embedded Business Unit (EBU), and Storage Business Unit (SBU). The CNBU segment includes memory products and solutions sold into client, cloud server, enterprise, graphics, and networking markets. The MBU segment is involved in memory and storage products sold into smartphone and other mobile-device markets. The EBU segment focuses on memory and storage products sold into automotive, industrial, and consumer Markets. The SBU segment consists of SSDs and component-level solutions sold into enterprise and cloud, client, and consumer storage markets. The company was founded by Ward D. Parkinson, Joseph Leon Parkinson, Dennis Wilson, and Doug Pitman on October 5, 1978 and is headquartered in Boise, ID."
What is the market condition?
1. The recent geopolitical easing situation in the middle east has decreased the fear sentiment of the market and I believe investors are more attracted to other assets such as stocks.
2. Trump trade brings in a lot of confidence to the stock market especially in the tech sector. Why is that? Trump's strategy is to focus on modernity and the key here is Elon Musk who is the owner of TSLA. This brings more confidence to the market of technology and crypto. So I believe with the involvement of Trump, Elon, Crypto, AI, and Cloud services etc are all good signs for MU to go long.
3. We may have a FED Rate Pause by December and I think if they decide to pause the rate cut then that's a good signal that inflation is cooling and the economy is in good condition.
What are my technical analysis?
1. The price went above the 200EMA line which is a very important criteria for my trades.
2. RSI is above 50 showing a sign for growth in this Price Action.
3. Price bounced off of the S1 level recently and is now at the pivotal zone. This is not the best condition but pivots are not bad either.
4. Price action is nearing a trendline that might get broken signaling a more bullish sign.
