Micron Technology (MU) consolidating for something big!
The asset is operating within a long-term uptrend channel.
The medium-term setup appears to be an inverted H&S (Head and Shoulders) pattern. Currently, consolidation is taking place, and soon we might be witnessing a breakout, potentially aiming to retest the top of the uptrend channel.
Thank you!
The medium-term setup appears to be an inverted H&S (Head and Shoulders) pattern. Currently, consolidation is taking place, and soon we might be witnessing a breakout, potentially aiming to retest the top of the uptrend channel.
Thank you!
Comment:
After some time, the consolidation pattern has taken the form of a triangle. I'm waiting for a pullback to its base once again; a breakout from here may have a significant chance of being a very straightforward trap.
Comment:
It happened.
I don't feel comfortable with this rejection pattern. I've seen it happen quite a bit across different time frames; it's pretty common. I'll keep an eye out for a potential break of this triangle to the downside; the selling pressure is still strong.
I don't feel comfortable with this rejection pattern. I've seen it happen quite a bit across different time frames; it's pretty common. I'll keep an eye out for a potential break of this triangle to the downside; the selling pressure is still strong.
Comment: