Micron Short - Rising wedge pullback

Micron (MU) has had a monster run, now it looks time that the longs will take profits.

MU is in a rising wedge and has shown a high degree of excess exuberance, i would be looking at either taking your long profits now and wait for a pullback to the 9 ema , or i would look for a short trade with the same target in mind.

Personally i would favor the latter as the broader market also looks set for a sell off (i talk about hedging SPY also) and given micron has quite a high relative beta, this should drag MU down also.

Jul 21
Trade closed: target reached: *Late update

Micron has had a slight pullback, i would say it is time to exit for now, given how strong MU has been and given we are back at the daily 9 ema.

We may see a continued pullback, but better to exit now than wait.


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