So MU has been insane this year and has been one of my most profitable picks, however, I try to limit greed and sold when my stop losses were triggered, seeming like a decent move for opportunity cost. However, something big here seems to be forming.
Looking at a logarithmic chart on the daily time-span, we see a fantastic channel forming. This stock looks poised for another major move upward. Minimum profit target of $50, but that's if it hits the middle of the pitchfork. In reality, don't be shocked to see 57 or 60 by next earnings. MACD seems like it's about to move bullish again on the daily as well.
On the shorter time frame (30 Minute), ichimoku is looking good, as well as a positive 5-day Moving Average. MU is above its yearly VWAP and so if it gets above 45.50, I think we could see a nice move from MU, a very profitable one.
Keep this one on your watch list guys, the volatility in MU mixed with the undervaluation (and yes, this stock is ridiculously undervalued) means major gains could be heading into our pockets.
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Okay I see a lot of people are liking this post and it's great to want MU to go up, but be very skeptical right now because of the market conditions. Just because it should go up doesn't mean it will. Just remember that
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Market seems to be going to the upside but have to wait till Monday open. If Market continues upward, MU could have the momentum needed to break 50.
@Spawn777, Haha yea this was a good call, Usually when something meets a logarithimic support or resistance, it tends to be unable to break it so I kind of figured this support point would hold.