MU is at a relatively low price, down from 25.68 to the high 23's, preventive a relative bargain, confirmed by these technicals and patterns that may again repeat with MU. Each technical is seen on a daily MU chart for one year.
CCI well below 100 = MU about to break out big as soon as the CCI goes positive.
Last seven (6) times that happened, MU broke out up and big.
16.17 to 23.67
20.64 to 24.50 (in just two days)
13.05 to 18.85
12.31 to 15.07
12.47 to 14.06
9.07 to 14.60
The better news is that once the CCI comes off the lows, only one of these six times did it whipsaw over the course of two weeks, only to then head above 100+. The other five times CCI soared and boy did the stock price rise with it.
On top of all this, the MFI is relatively low as well. MFI is in the lowest relative quartile.
3) Williams Stochastic:
I only wish the Williams Stochastic were lower than 80. It's about 82 right now which is plenty low. This tends to suggest the chance for a nice short-lived drop very soon.
4) RSI: I know a lot of you follow this and see it's well below 50, which does not happen too often. In the last
5) BB: We bounced off the lower Bollinger band twice this week. The last five times we touched the lower BB, price then shot up dramatically over subsequent weeks.
These technicals tend to correlate with MU being on the cusp of a serious upward move.
Best of luck to all.
Best commercial for a class action lawsuit settlement I've ever seen. It begins such that you think they are a farce or something leading to an ad. Like did your kid make you buy a computer to read about her favorite boy band? Then they get serious and mention DRAM. I've only seen commercial once...
These are the last two day's lows. 23.60, 23.72, 23.70, 23.73
Go back to March 1 low: 23.71
My general point is the market is giving us a downside support proven bankable. On the upside, well there you have some folks saying we're going to 26, 29, 30,32, 40, or more.
See at today's close of 24.48 with after hours trade taking us to 24.50.
I feel (can't base this on much else) you will get a brief chance to pay 23.75 again. Big whipsaw possible in the morning, panic selling first thing. But option pinning and common sense will make that a nonevent. Then MU will bounce between 24 and 24.50. If you get in under 24, you are set up well for earnings.
My average price is 23.84 on this neat pullback and I now have more MU than I have ever had.
What a great buy that turned out to be. And that was an MU precipitated selloff. This one is just indiscriminate panic across the market.
Just look at the fantastic rebound every time we've done that the last 6 months. In fact check out red candles for the last year and compare any that look like today's. Then see the subsequent week's action. Invariably the stock rebounds soundly.
Reminds me of selloff after earnings last fall. What a rebound after that precipitous drop.
Now if something fundamentally related to MU changed, then I'd rethink this, but nothing has changed besides some pre ice prediction upgrades and a nice two articles by Russ Fischer.
Some managers leave tech and go into safe havens on a day like today. Some panicked. Lots of stop losses triggered today.
I just can't get over how on the right side of this trade longs are going into this particular earnings...
Maybe the sign I'm mistaken is being a bit cautiously optimistic instead of just cautious. .
Not even down 1%. Not really evidence of extreme selling when the tide turns bad. This suggests to me that VG will do well when news comes.
This is the pre-earnings gift buying period, courtesy of marketwise non-MU-specific selloff.
Fear over Ukraine and China will not stop MU from hitting 25 again in the next three weeks. I'm now in at 23.95.
(Yeah, I bought more at 23.71)....
Oh, and my last 1000 was at 23.86. I love when my purchase turns the trading even for a few minutes.
Coiling for a spring.
Really good post, f40forever. Your observations are consistent with my prediction we dip below 24.50 during the next two trading sessions. (We may breach 25 tomorrow or Friday but it would be brief-- that will be the signal that it's time to short. XQ is also predicting a dip. Bottom line is save your dry powder to get in below 24.50 as inevitably we will then have another ride up to 24.80 in the next three sessions.
Once earnings week comes, hold as many shares as you can. That will be when I stop transacting even my trading shares for some days.
I totally agree with you, XQ, about 3/14. My model shows MU dropping to 24.26 and settling at or about 24.5 on Friday, 3/14.
As for next week, or any time over the next few weeks, a dragonfly into 23's is possible but I don't see it lasting an hour, if that. The good news is it just does not matter in the grand scheme of things as earnings will be a mega catalyst upward.
I sure hope we breach 25 tomorrow because that will be a fun short down to option pain level.