When is it a double top versus a channel? When current price action is an incredible 1.786% extension of the AB leg and the recent tops demonstrates a negative divergence with the MACD. Breakdown from the neckline will imply a downside price target of $30, -35%.
I think the ABC correction is done and we're probably heading for another Impulse Wave. 4h RSI is at 20 which has been a good buy signal historically. We're also at a good trend line support. Hoping to close this position at around $52 with no stop loss.
Happy Trading :)
Back to my Fav stock MU!
We are hitting Support Zone from the ice previous sell and trading in the range. So we have the following 2 plans.
Plan 1 :
If it breaks below 50...Sell any pull back to 50. Target 48/46
Plan : Any bullish candles on 51...BUY!! and it will go to 56!
After an intense rally $MU, on a weekly basis, shows signs of weakness quite clear.
RSI actually is flagging up a crude divergence, macd is already in bearish mode and the solid trendline which has supprted the trend so far is almost violated. Volumes are low especially last week where the price touched the mid term trendline (another sign that investors are not...
I posted a chart about a month ago in my Discord and it's panning out very nicely. Given recent movement I am very confident in this call. We could go as low as the 123.3%-161.8% in this ABC expanded flat, however my primary buy target is $46.75.
*THIS IS NOT FINANCIAL ADIVCE*
MU H4 chart
The upward movement continues on the red support line
If it break the red and blue support lines broke, it is the place I mark the possible movement area.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I'm sorry for the impaired expression..Just watch the chart, not what I write. :)
$MU has been a long time favorite, but semis got hit recently on demand concerns. Last analyst meeting MU said the servers using artificial intelligence use six times more DRAM and twice the amount of SSD. Since then, the stock has rallied and is approaching ATH levels. A "failed" breakout here and dip to the gap zone sets the stage for a cup and handle...