Reversal has been bullish but end market conditions are not improving, the virus is intensifying
Negative commentary quite possible on earnings call and a lack of clarity on future guidance
MACD had crossed bullishly
RSI in reversal
Stochastic bullish reversal|
Fibonacci Upside targets $46 - $48 \golden pocket sits $50
Micron (NASDAQ:MU) +5.3% reports Q2 beats with revenue down 18% Y/Y. For Q3, the company sees $4.6-5.2B in revenue (consensus: $4.88B), EPS of $0.40-0.70 (consensus: $0.52), and gross margin of 29.5-32.5%.
Q2 Operating cash flow totaled $2B, down from the $3.4B in last year's quarter.
DRAM revenue was down 26% Y/Y, while bit shipments grew 20% in the...
MU is a leading indicator for a recession, and it's almost priced for one. Looks like it's got a little further to go for the gap fill, which means short the next pump.
No position right now, but it looks to me like we're close to the bottom.... maybe.
SO we are already Short MU on the 60 minute timeframe on a 5th wave move with target of $41 using our Elliott Wave Indicator Suite for TradingView. Our original short entry was $43.66. I have placed a trailing stop just below the entry to now make this a "Risk Free Trade"
I am looking to add to this short position if MU breaks out of this short term range. So...
Declined volume during falling down and good performance during sub-bounces . indicators inside oversold region and possibility of good bounce . i would prefer get in at 49.2 which is 0.62% fib and targeting the gap between 56.5 to 57