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Micron Technology Inc. Message Board

  • highlowsel highlowsel Dec 3, 2012 8:57 AM Flag

    MU bid approaching interesting TA juncture

    Well I trust those that care have been playing MU according to the style we've all come to know and love? In any case on a 30 day 30 minute chart you can see it hit ~$6.05, then fell to ~$5.30 and has now clawed it's way back to where it's now sitting in PM this AM. $6.01. Now it gets interesting because on a longer timeframe there's a downtrend line that I'd drawn off the July 1, 2010 $8.51 line. This line sits, today, at just north of $6, so that's a resistance line to battle along with the psychologically important "double zero" of $6. TA is showing overbought here, so I expect it to be a struggle..but if it can get north of this area on volume then it's a set-up to test a big resistance area I see at ~$6.35/.40. This might be doable, too....especially when it's observed that MU for all it's faults and issues, historically speaking, is entering that time of year when it typically moves strongly to the upside. At least..more often than not. 'Course...past is not prologue to future so let's see how it all plays out.

    G/L! (Just some 2pennies worth of thoughts)

    Highlow
    American Net'Zen

    Sentiment: Buy

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    • Me thinks TA does not count now as MU is moving up in it's usual historical cycle. Also the big guys might have some insite into a better than anticipated earnings report which in turn puts a positive spin on Duncan's leadership over the past quarters. Just a guess, but up past 7 before years end and tops out between 10 and 14 depending on Elpida and overall market!

    • A bit more TA observations. If you go back to the late April, 2011 time-frame you can see that MU was in the midst of a triple top from which it broke down (badly). That top was at ~$11.75 and the bid careened downward from there. If you draw a downtrend line off that area, and use the later March 2012 top of ~$9 you can see that the bid has never gotten above that line in any meaningful sense. Today that line sits at ~$6.30. So here with the bid holding strong at $6.18 and the ask fading I'd say MU is setting up in intriguing fashion if you're a long. If it can break on top of that line on any real volume then we've got ourselves a true trend-change. Errr...imho, of course. And how long it would last is anyone's guess. In any case let's see how it plays out.

      Highlow
      American Net'Zen

    • Sounds reasonable, but I think we trudge along here with some positive ups until the Elpida deal closes or we have some other type of good news to serve as a catalyst?

      • 2 Replies to mccoyeg
      • Bid $6.08. Nice...so far the long sided theory is holding up. I'm in at just over $6 (for the usual trade). Let's see if the set-up test of the aforementioned $6.35/.40 area holds true.

        Highlow
        American Net'Zen

      • Trudge along? Yup...probably....I've basically closed out all my MU trades here and am now sitting back waiting on the next set-up. Here in the mid $5.90's I need a bit more clarity of direction. If it breaks back below .90 on any sort of volume I'll short. If it breaks above $6 on any volume then I'll go half in on a long position, and add to it depending on how it runs. But for now I'm just waiting (playing the wild intraday swings in the likes of C and others). Bid now.......$5.95

        Highlow
        American Net'Zen

    • MU is waiting for the inevitable analyst pump that will happen soon after Jan 1. Then the stock will rally strong for a while and then plummet again. It happens every year.

 
MU
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