Long on MU with an hourly close above 36.20; Target 42.25-43.80
Noticing a weekly channel support on MU at the current low of 34.40.
See the link below for the weekly channel
Momentum on weekly is bearish at the moment. The overall downside target on weekly is still 27.07( double top break down formation's target).
However, I expect the trend channel support on daily and weekly to support MU and cause a move to 42.25 - 43.80 channel top zone.
Although MU broke the prior daily support at 37.83 formed on 9 Feb 18 and traditionally, this is to be seen as an extremely bearish condition, I believe this last round of selloff to be panic induced that has set into MU since it broke a major support at 50.44 on 5 sept 18, causing longer term investors to reassess their positioning.
Here's a link to the downtrend channel on hourly's that forms a short term resistance at 36.10, break of which could support the interim bullish retrace in the overall downtrend. For improved pricing, look for a retrace in the zone of 35.10 and 35.45 for a long, once an hourly close above 36.10 occurs.
A close on daily below 34.43 channel bottom would cause me to reassess the interim long signal.
See the link below for the weekly channel
Momentum on weekly is bearish at the moment. The overall downside target on weekly is still 27.07( double top break down formation's target).
However, I expect the trend channel support on daily and weekly to support MU and cause a move to 42.25 - 43.80 channel top zone.
Although MU broke the prior daily support at 37.83 formed on 9 Feb 18 and traditionally, this is to be seen as an extremely bearish condition, I believe this last round of selloff to be panic induced that has set into MU since it broke a major support at 50.44 on 5 sept 18, causing longer term investors to reassess their positioning.
Here's a link to the downtrend channel on hourly's that forms a short term resistance at 36.10, break of which could support the interim bullish retrace in the overall downtrend. For improved pricing, look for a retrace in the zone of 35.10 and 35.45 for a long, once an hourly close above 36.10 occurs.