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.
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