Although I don't know where the stock price will move, I think there's a good chance MU retests the highs of the low 60s in the next few months. In case I'm wrong, I would place a stop loss below the minor low at 47 (around 45 is good). You risk about 5 dollars for a gain of 13-15, so your risk reward is about 3 to 1.
Also, something to note is that MU gapped down below the 49-50 level on Friday, which was the previous breakout location. However, MU quickly recovered even though the entire market was selling off. The current price action is hinting at a false breakout, and the upward move that follows false breakouts tend to be very quick and violent.
Good luck trading!
If you like my trading ideas, you can consider following me on tradingview/stocktwits.
Blog: bigfryfinancialmarkets.com
Also, something to note is that MU gapped down below the 49-50 level on Friday, which was the previous breakout location. However, MU quickly recovered even though the entire market was selling off. The current price action is hinting at a false breakout, and the upward move that follows false breakouts tend to be very quick and violent.
Good luck trading!
If you like my trading ideas, you can consider following me on tradingview/stocktwits.
Blog: bigfryfinancialmarkets.com
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