For the Cheapskates... MU

Looks like a double-top off the Fib resistance @ $42. Could generate some downward pressure if previous gains are taken.

If it drops, will read off the intermediate support. If it continues to drop , look to enter @ $39.30ish before the Fib support.

MU is very promising fundamentally, I'm looking to expand my position. But if this trade does play out, I think you could hold back up to $42 for a relatively quick 6%, with your stop loss set at $38 in case it breaks the Fib support. Personally, I'm looking to enter there and hold until a break out above $42.
Comment: Looks like the double-top is getting scrubbed, could be cooling off for a break above $42. If It does break, it looks like it will have plenty of room to run.

Doesn't look like we'll be getting MU on sale if we don't get any meaningful downward pressure by the end of this week.


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