I’ve been watching Micron (MU) all day long to consider where this stock might bounce at for an ideal swing-trade.
So far I have yet to pull the trigger on it. Though, had it bounced off of that trend-line off of the May 3rd lows, the opportunity would have been more than ideal. But for now it doesn’t look like it is ready, as it crushed that trend-line and has yet to find any support underneath.
Since that trend-line isn’t holding up, there are two more areas that I am targeting:
1) The unfilled gap from May 22nd
2) The rising trendline off of the the February lows. Either one will be totally fine with me, but the latter scenario will take a lot of patience, while the former scenario could happen today or tomorrow.
The key, will be timing the entry as such that you get in with a tight risk and near the bottom. Easier said than done with a stock like MU that does its killing before breakfast (Back to the Future III reference).
Simply put – stay patient – I have outlined two scenarios for buying the dip in Micron (MU) and those are the two best options at this point.
Here’s the Micron (MU) technical analysis: