MU tries to regain the long term trendline. Right now getting rejected. In case it cannot do it today and starts to drift away from it, then expect impulsive selling next Monday.
Note
Price could drop all the day down to 51 level. Watch QQQ and SOXX closely.Note
So far MU has avoided printing a bearish engulfing candle on the hourly chart. SOXX is really giving it a go but I frankly don't think there's anywhere to go, especially with NQ running into resistance from February.Note
Nothing has changed for MU despite the fact that it went on a nice little rally fueled by the non farm pay roll and the temporary halt of QT. As we saw yesterday, MU has been rejected at the top of the gap it had earlier, and today that doji is confirmed with MU heading down. Time frame is tricky, but if QQQ and SOXX breaks down after FOMC meeting, MU could go into a quick correction before its earnings scheduled June 20th. Price target should be somewhere below 55.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.