MU bounced as expected from my previous analysis
Happy to answer questions in the comments
In yesterdays analysis of MU i did on the 1hr, I stated that a bounce may be on way as prices held above the 50% retracement from the last bull move, as well as the trend squeeze indicator began showing warning signs of a reversal. Today a clear break of the down trend line has occurred which is what i was waiting for for better confirmation of this bounce.
Daily now shows a strong bullish candle that may be the beginning to a powerful move. Stoch is in its mega sold area and things are looking good for longs for this next week or 2 to come. (yes, it will take a good week/2 to see my expected targets)
Targets: $55, $60 easy.
Things to watch out for
A crossing below 50ma on daily would be very bearish. A crossing below april 03/04 highs of 51.70ish would also be bearish as these resistance areas should act as support.
Measuring from the beginning of this bull move with the fib retracement tool(49.80ish) to whatever highs form, a pullback of over 50% should be noted in ones mind as bearish, but would not mean its going to roll over to death.
Over all im happy with this pick and feel confident in bulls. Remember, if you do trade, always ensure you have a stop order placed, targets youd like to sell at and STICK to your plan,
In yesterdays analysis of MU i did on the 1hr, I stated that a bounce may be on way as prices held above the 50% retracement from the last bull move, as well as the trend squeeze indicator began showing warning signs of a reversal. Today a clear break of the down trend line has occurred which is what i was waiting for for better confirmation of this bounce.
Daily now shows a strong bullish candle that may be the beginning to a powerful move. Stoch is in its mega sold area and things are looking good for longs for this next week or 2 to come. (yes, it will take a good week/2 to see my expected targets)
Targets: $55, $60 easy.
Things to watch out for
A crossing below 50ma on daily would be very bearish. A crossing below april 03/04 highs of 51.70ish would also be bearish as these resistance areas should act as support.
Measuring from the beginning of this bull move with the fib retracement tool(49.80ish) to whatever highs form, a pullback of over 50% should be noted in ones mind as bearish, but would not mean its going to roll over to death.
Over all im happy with this pick and feel confident in bulls. Remember, if you do trade, always ensure you have a stop order placed, targets youd like to sell at and STICK to your plan,
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