Micron Technology
Short Term - We look to Buy at 66.22 (stop at 65.18)
We look to buy dips. Previous support located at 66.00. Although the anticipated move higher is corrective, it does offer ample risk/reward today. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Our profit targets will be 73.13 and...
In both cases a bullish rising wedge is evident, while with a climb and transition through 2.618
I have made Bearish posts for MU based on this Rising Wedge pattern but now I can view it as in a bullish state due to the prior rising wedge and how it acted
Weekly Chart
MU is within a rising wedge
Rising wedges are a bearish indicative pattern
I am suggesting a collapse down to a stronger area of support to manage this rising wedge
The other scenario is that this rising wedge breaks out to the bullish side, but for the consistency of chart pattern expertise we will stay with the bearish approach, which is considered appropriate.
Gapped down and broke out of the channel yesterday.
However, the longer term up trendline + horizontal line supported the price. The big volume looks like it has exhausted all the sellers as well.
Since on a longer term MU is still in an uptrend, let's see if we can get a bounce up back to close the gap for a nice 2.5 R/R
Disclaimer: I'm not giving any trading...
