Earnings tonight for MU. $33 has been a huge support/resistance line for Micron over the years. With it failing to bounce on its last few tries since fading back down to $33, seeing lower highs on the most recent pop, and with an expected 76% decline in earnings this quarter...I'd be shocked if this thing popped after earnings. Best case scenario is gonna be, "earning were not as BAD as expected", but even then for them to somehow not mention something about DRAM demand being down or China affecting the outlook for the coming quarters, would be a surprise.
Looking at the December lows as the first support. Further weakness in the market, and we could easily see 26.50 in the coming days.
37.45 is the first resistance if this thing does manage a bullish move.
Looking at the December lows as the first support. Further weakness in the market, and we could easily see 26.50 in the coming days.
37.45 is the first resistance if this thing does manage a bullish move.
Comment:
Figured going into the close oversold was bad news for a drop. Still haven't pierced last weeks 35.27 high. Until thats broken, we're still at lower lows. Conference call could be the extra bump above it or the reverse down.
Comment:
Weak guidance, but it keeps on running up? Logical....
Likely need to reject off the 36.2% retrace at $37, so I guess the markets are using this as an excuse to push it there. Probably will see that one last pop in after hours and then a fade during the open. If not, we'll re-access.
Weak guidance, but it keeps on running up? Logical....
Likely need to reject off the 36.2% retrace at $37, so I guess the markets are using this as an excuse to push it there. Probably will see that one last pop in after hours and then a fade during the open. If not, we'll re-access.
Comment:
Wouldn't be surprised if Trump attacked the stock either for it doing business with Huawei either, just be on your toes.
Comment:
Need to see a break of these pre-market lows. Looking very bull flagish for now....
Comment:
Fun fact: since MU has entered this bear cycle, it has gapped up higher 4 out of 5 times the day after earnings were reported. Of those 4 gaps higher, not once has Micron seen those highs from that day since.
2 of those 4 days highs were attempted to be broken from that day, days/weeks later, but rejected those highs every time time and headed lower.
2 of those 4 days highs were attempted to be broken from that day, days/weeks later, but rejected those highs every time time and headed lower.
Comment:
Welp, that is a prime example of how history doesn't always repeat itself. Looks like the chart was painting such a bearish flag that the pop on earnings created a pretty nice short squeeze. Bounced off this long-term trendline, the 200 day and the .618 fib retracement this morning. Ton of overhead resistance from here.
If it pops above that trendline though and holds, its also gonna be holding the 200 day, which will look pretty bullish from there.
Who knows what gonna happen with the G20, but MU is sure to be affected in some way. My guess is, a pop up pre-market Monday, and then a fade. Would look to get in the short side if that pop is around 39.95 for and it rejects that area again.
Welp, that is a prime example of how history doesn't always repeat itself. Looks like the chart was painting such a bearish flag that the pop on earnings created a pretty nice short squeeze. Bounced off this long-term trendline, the 200 day and the .618 fib retracement this morning. Ton of overhead resistance from here.
If it pops above that trendline though and holds, its also gonna be holding the 200 day, which will look pretty bullish from there.
Who knows what gonna happen with the G20, but MU is sure to be affected in some way. My guess is, a pop up pre-market Monday, and then a fade. Would look to get in the short side if that pop is around 39.95 for and it rejects that area again.
Comment:
Not a lot of Volume on these red days....Could be consolidation...
Broke the blue line...and faded right back to it and broke below it, essentially a false break. Still a good Short/Long area none the less until it makes a move with some volume off of that trendline.
The more closes below the 200 day, the better I feel about a downside reversal in the works.
Not a lot of Volume on these red days....Could be consolidation...
Broke the blue line...and faded right back to it and broke below it, essentially a false break. Still a good Short/Long area none the less until it makes a move with some volume off of that trendline.
The more closes below the 200 day, the better I feel about a downside reversal in the works.
XSD has been weak and strongly underperforming the market on this last run up. Light volume, looks like a correction, that is now ready to go down further. If MU does disappoint, this thing could be on the fast track back down to $66. They say semi's lead the market. The sector "outperformed" the December drop, and the market went up following it. Now what?