Micron (MU) has had a monster run, now it looks time that the longs will take profits.
MU is in a rising wedge and has shown a high degree of excess exuberance, i would be looking at either taking your long profits now and wait for a pullback to the 9 ema, or i would look for a short trade with the same target in mind.
Personally i would favor the latter as the broader market also looks set for a sell off (i talk about hedging SPY also) and given micron has quite a high relative beta, this should drag MU down also.
MU is in a rising wedge and has shown a high degree of excess exuberance, i would be looking at either taking your long profits now and wait for a pullback to the 9 ema, or i would look for a short trade with the same target in mind.
Personally i would favor the latter as the broader market also looks set for a sell off (i talk about hedging SPY also) and given micron has quite a high relative beta, this should drag MU down also.
Trade fermée: cible de profit atteinte
*Late updateMicron has had a slight pullback, i would say it is time to exit for now, given how strong MU has been and given we are back at the daily 9 ema.
We may see a continued pullback, but better to exit now than wait.
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For more analysis, consider joining our telegram group for trade updates and ongoing opportunities, link in my profile.
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.