stock is going oversold and there are 55 million shares shorted (source > investopedia.com/news/microns-stock-near-breakdown/ ) will be nice to see some short squeeze to fuel MU up... what you think about? thank you
samblum_
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@toner, Hey, interesting point you have here, and a valid one at that. I just looked at Micron's current chart, if you are interested... let me know and I will post an updated chart to show exactly what I am seeing. Or I can try and briefly sum it up: I still believe short pressure will push MU to 26.46 give or take .20. From here, we have a daily chart that shows EXTREME momentum change to overwhelmingly bearish. HOWEVER, before the daily chart goes extreme bearish, it will have a multi candle spike. This could come from exactly what you are saying- the squeeze.
Let me know how that sounds or If you would like me to publish an updated chart. All the best
toner
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@samblum_, thank for feedback, I'm actually on train with MU, just wondering if have I to plan to: 1) forget and go long - very long -...waiting for a bigger gain or 2) wait for a good "exit point" (exit strategy...waiting a step before the "bull trap") ;-) thank you in advance for a chart upgrade
samblum_
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@toner, Good, it is always best to stick with your plan. I will be watching MU closely, as the setup is very interesting. Once this chart's target is reached, I will post an updated chart with a new setup and a new target.
@kimms, and now that we got our level, we need to watch very closely as a strong break or bounce can indicate what will happen next.
kimms
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@samblum_, yep, I was watching all day. We have a spinning top. Just need to be patient I suppose.
samblum_
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@kimms, Okay. Yes, the Doji Candle on my key level validates the fact that this is a strong level of uncertainty as I have predicted. From here, either the bulls or the bears will take control, but the battle is why we have a doji. Patience cannot be emphasized enough. From here, as I said on the chart- if we get a break down (and I just checked as of pre-market Thursday) there's no bullish div to show any signs of stopping it, we WILL drop to 26.50. However, if this line holds for the rest of the week or bounces, we will head above 30.
Happy trading, I have more stock picks I'll publish as we go. Micron is a company you should really keep your eye on. Watch this chart, if you like what you see from my charting then follow my plan I just said. I think this could be a good trade no doubt- but patience cannot be stressed enough at this key level.
kimms
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@samblum_, An interesting day to say the least. MU took a beating and got back up. My feeling is that MU will stay above 29.60 and be on its way back up once the tech reversal settles. I'll probably sit out a bit longer to see what max pain does tomorrow.