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.
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.
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.
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.
