MU shows bearish signs, but they're not overwhelmingly strong. Read further for more technical analysis.
At the time of this writing, MU was trading at $51.83.
Levels from above will provide resistance, including:
51.98 from volume profile over the past 14 periods 52.09 from volume profile over the past 14 periods 52.36 from gaps 52.80 from gaps 53.21 from gaps 54.17 from gaps 54.58 from gaps 54.83 from gaps 55.48 from gaps 55.64 from gaps
We will find support from levels from below including:
51.80 from volume profile over the past 14 periods 51.51 from volume profile over the past 14 periods 51.33 from volume profile over the past 14 periods 51.17 from gaps 51.03 from gaps 50.82 from gaps 50.68 from volume profile over the past 14 periods 50.39 from volume profile over the past 14 periods 50.25 from volume profile over the past 14 periods 50.01 from gaps
Lets look at some technical analysis for MU. Volatility has consolidated quite a bit, expect a breakout soon. The RSI is 51, indicating that we are in a bull trend, but not yet overbought. The MACD is above the signal line, but not to an extreme. This suggests we may have more room to appreciate. MU is below the 50 period SMA, which indicates a bear trend, but not oversold yet. The 100 period SMA indicates that we are in a bear trend. Finally, the 50 period SMA is below the 100 period SMA, indicating longer term bearish confirmation. The ADX indicator, 7 confirms that MU is ranging, that is, no significant trend is observed.
What do you think about today's reach up to 53? Still feeling bearish?
quantguy
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@justn6, I think its important to keep things in perspective. Unfortunately, there's no 'timeframe' option only a 'bullish' or 'bearish' bias. I do think that MU is largely playing the range, so we even have steam to reach $55 or so, before a reversal.