$MU - weekly lookPositive signs - Volume shelf (purple line), covid low avwap , and 50% retracement support all in same area. Bounced off falling wedge TL and now we see an inverted hammer inside bar on the weekly. RSI has hidden bullish divergence and decreasing volume while declining in price
Negative sign - macd not curling yet, but this may happen on the upper TL retest
What I expect - right now I am expecting a test of the upper TL in the low 70 range. This could fail. Upon break of the TL the first PT's will be the 30 week MA / ATH AVWAP which sit at a similar level in the upper 70's (right now it is 78). I expect that level to reject and provide backtest before an even larger move occurs taking us above those levels
How to trade: I think the smart trader waits for the breakout here, so alert the TL and wait. On the TL breakout take a position looking for the AVWAP as PT. If the stock is rejected back inside the TL then close the position because it isn't ready.