Trade of the Day
Micron Technology, Inc. (NASDAQ: MU)
(Current Price: US$71.79) – TECHNICAL BUY
Buy price: US$71.79 Stop loss: US$68.00
Take profit 1: US$80.00 Take profit 2: US$84.00
The price broke out of a consolidation wedge, following a bullish higher low build-up range with support level at US$69.50 formed at the trendline resistance earlier, which is a sign of strength.
Should the price continue its momentum, it could first retest a key horizontal level at US$80, which acted as support and resistance from November 2021 to March 2022. The price could then head to the next key resistance level at US$84, which was a previous swing high formed in March 2022, and that also acted as support and resistance from January to March 2022.
Expected timeline of the trade is 4-12 weeks from the date of report issuance.
This counter is available for trading 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:
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
Featuring regular TA posts and requests to analyse specific stocksI 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).