Trade of the Day – Micron Technology, Inc. (NASDAQ: MU) February 7, 2024 385

Trade of the Day

Micron Technology, Inc. (NASDAQ: MU)

(Current Price: US$84.60) – TECHNICAL SELL

Sell price: US$84.60     Stop loss: US$89.00 (-5.20%)    

Take profit 1: US$78.80 (+6.86%)     Take profit 2: US$73.50 (+13.12%)          

 

 

(1) & (2): Micron Technology, Inc. broke down an uptrend channel following a false breakout above the US$87 level recently, which provides a bearish signal

(3): Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are displaying decreasing momentum following a bearish divergence signal, which supports the bearish view

We believe should the price continue its bearish momentum, it could head towards take profit level 1 at US$78.80 to retest a previous range resistance and swing low support from November to December 2023

It could then head lower towards take profit level 2 at US$73.50, to retest the previous range support level from November to December 2023

Expected timeline of the trade is 2-12 weeks from the date of report issuance

 

This counter is available for CFD trading and is available on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here, or scan below:

 

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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