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Micron Technology, Inc. Message Board

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  • dldcocoa dldcocoa May 18, 2012 1:16 PM Flag

    Lucy on the attack of bid

    Thanks for the explanation. You are using some pretty large words there so I won't attempt to compete. "Lucy" has certainly attacked MU this past week. Thinking about a long-term position here but not sure the damage is yet complete. What do you think?

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    • I'd say watch her carefully. She's acting (right now) like she's far from done with the downside run. She keeps attacking the $5.73 (current) low then pausing, then attacking and pausing...

      It's crumbling. Oh...note on a 5 day chart that if you draw a down-trend line off the ~$6.48 level that Lucy has been tracking it while keeping the bid firmly south of it. I see that as a line to watch for trend reversal.

      My WAG is the set-up is to push the bid into the $5.60's. I've got a lowball bid out being waved in the low .60's and low .50's just on the off-hand chance I'm right....

      Bid now $5.72 and the ask is again stacked high and overhanging the bid size. Here she goes...

      Highlow
      American Net'Zen

      • 1 Reply to Highlowsel
      • Too late - I pulled the trigger at $5.74. Hopefully that's fairly close to the bottom of the day - fundamentally this move down is insane but it's opex today and I'm betting on a decent bounce once they are through with the game. Seems like a pretty good long term bet from here even if there is more short term downside - we shall see. Of course if it bounces later in the day I'll take my pennies for the weekend.

        Good luck with your trading -

 
MU
18.12+0.38(+2.10%)Jul 27 4:00 PMEDT