technical indicators and charts show MU downturn may be over
All the indicators I look at show that the recent 3 day downturn to the $21 to $22 range may be over and if so, a new leg up is here. Anyone looking at the "maximum pain" theory shows the $22 to $23 range. If that theory does not hold water, then MU will soon test and surpass the $23+ high. There are still a lot of short positions that may have to close out if this is the case, they are almost ALL under water at this point except for any new shorted positions over the last few days, but that is not major. Every day from here that MU does not bolt higher is one more day for it to do so, so the bias is to a buying position, not a selling one. Between now and EOY the volumes will may be below normal due to vacations, etc.,. JMHO
until we get above 23 were still in a down trend. Shorts covering will get us back in an uptrend but we may not see that until 2014. past two days intra day charts are in an uptrend from 21.22 to 21.78(now). So 22-23 range looks promising but there still seems to be selling pressure and bogus articles and downgrades pushing mu lower. Seems like theres more accumulating to be done because of that. Hope the bs is over and mu goes
Downtrend? It all depends on which timeline one uses. On a weekly timeline or longer, this is in an uptrend. On a daily timeline or shorter, this "was" in a downtrend but has now started to move upwards. I don't watch the ticks every second so I am less concerned about day trading, except for my option plays. I think that you might be surprised in how quickly MU will retrace to the upside but I agree with you about the short covering until 2014. Short positions might review their situation at the beginning of 2014 and readjust either out of MU and into more promising shorting stocks or re-strategize about MU.