MICRON Technology Inc. (MU.O) (d-w-m) for Monday (7/10/2017)

 

Heads up: the Daily chart review below is conflicted (suggesting ‘long’ and ‘short’) and needs clarification as to some of the events over the last couple of weeks leading to that conflicted analysis … sad smiley

  •  ————————————————

The last couple of weeks of trading in Micron’s stock looks like a convergence of multiple scenarios starting with June 30th being the end of the quarter and the end of the first half of 2017 … With the year to date run up in Tech Sector prices per share (pps), funds became out of balance, over weighted in the Tech Sector, resulting in rebalance selling (and buying) which is referred to as Funds “window dressing” for their report to fund holders.
** Second, with the Micron Earnings Report and Financial Call we saw a MW article author blunder sad smiley  that the computer algorithims couldn’t help themselves but to take profits and sell, sell sell … Oops, MW posted corrections to the article … but, it was too late, the damage was already done.
** Third, this is the first time in seven years that the Fed’s stress testing of banks saw them all pass winking-smiley  and all get approved winking-smiley  to return capital to stock holders (thru stock buybacks, increased dividends, etc.) leading to an ongoing Sector ‘cash grab’ rotation from Tech to Financials … really can’t blame Micron or the Funds for that.
** Plus, June 30th ‘monthly’ options expiry, wherein hedge funds play the game to get as many options to expire ‘worthless’ as they can by (a) selling shares and (b) hoping to get ‘selling’ help from those nervous nellies not doing their homework … sell, sell, sell … Worthless options don’t get exercised, players get to keep their shares and sell the next batch of options …
As you can see from the above list, it is not just Micron with a great Q3’2017 Earnings report and Financial Call with clearly improving Quarter over Quarter fundamentals, that can be played by the players, or hurt by bad reporting … et cetera. Usually, the effects are short term, reverting to the trend … which in Micron’s case is still an uptrend …. so, the Weekly and Monthly chart reviews help sort out short term confusion … like blundered articles.

  •  ————————————————

The Daily, Weekly, Monthly, (d-w-m) Micron Tech chart analysis review below is a Bull/Bear, PROs, and CONs, buyholdsellshort chart analysis with the same capital conserving cautionary and pull back (or contrarian ‘rally’ ) suggestions I have learned to appreciate and use to manage my investments with the RISK Reward Ratio. As I own shares of Micron Tech, I want to know the good, the bad, and the ugly, the buyholdsellshort because it’s my money.
I hope sharing my homework helps you with yours.

MICRON Technology Inc. (MU.O) (d-w-m) chart analysis review

  • MU.O from Friday, (7/7/2017)     $30.20 +0.10 (+0.33%)
  • EPS (ttm):  +$2.17             P/E (ttm):  13.917
  • 52 Week High: $32.93      52 Week Low: $11.89
  • note: ttm = trailing twelve months

Currently the Moving Average Convergence Divergence (MACD) for MICRON Technology Inc. (MU.O) is bearish since it is trading below its signal line.  The MACD crossed below its signal line 7 trading days ago.  Since the MACD crossed below its moving average, MICRON TECH ORD’s price has decreased 4.61%, and has ranged from a low of 28.560 to a high of 32.665.  The MACD is not in an Overbought/Oversold range.  There have been no divergence signals within the last 5 trading days.
MACD Value: 0.051                      Signal Line: 0.318

Friday’s (7/7/2017) Relative Strength Index (RSI) for MU was 47.5406 up nominally from last Friday’s 44.3851.   The RSI calculations are based on the Close over a 14 trading day period.

 

Note: two of my Pivot point, usually sellshort, indicators turned Bullish. Indicator (a) suggested going long on July 7th, 2 trading days ago, at 30.51 (down $0.31) … Indicator (b) was even more bullish. Indicator (b) suggested closing out any open short positions and going long on July 7th at $30.20 (n/c 0.00).  Both Pivot point indicators suggest a Micron technical ‘capital conserving’ stop at $28.56.

Notes from 7/6/2017 for 7/7/2017:
(1) Samsung Electronics tips record second-quarter profit as memory prices surge

(2) CNBC: Pete Najarian said that somebody bought around 20,000 contracts of the October 35 calls in Micron Technology, Inc. ( MU -1.34% ) in the first half of the session. He explained that investors are looking for a break out above $35 in Micron Technology. Pete Najarian also noticed bullish options activity in Advanced Micro Devices, Inc. ( AMD 1.29% ) as traders were buying the August 17 calls. Around 20,000 contracts were traded.

 

For every trading day in the month of July 2017, Daily Pivot Points, Support, Resistance, Daily (and now: Weekly) ‘projected’ Highs, ‘projected’ Lows, and more, see:

mu 20170707d

Chart 1: Micron Tech, Daily, EOD, O-H-L-C w/Resistances (r2, r1), Pivot Point (PP), and Supports (s1, s2).

  • ———————–

(1) Analysis of Daily chart activity through Friday’s (7/7/2017) close at: $30.20
Analysis is Conflicted:  The current trend is up and all orders on the long side may be considered. If already holding long positions, look to take partial profits on any retracement to $28.56. Traders with remaining long positions, after profit taking, should consider placing capital conserving stops in the region of $28.56. Caution: The current market price activity is Strongly Bearish and suggests favorable trade opportunities on the short side. Be prepared for a potential short term price rally back to the 30.92 area.

  • Suggested placement of capital conserving stops:
  • If Long, exit all contracts at: $28.56
  • If Short, exit all contracts at: $32.96

(1.a) Additional DAILY chart info:

  • Overall, the bias in prices is: Upwards.
  • Short term: Prices are stalling.
  • Intermediate term: Prices are trending.

 

(1.b) DAILY chart price projection ranges (7/10/2017 – 7/14/2017):

  • The upper projected target is: $32.41
  • The lower projected target is: $28.13
  • The projected closing price is: $30.27
  • Note: the above DAILY chart price projection ranges are for reference only, and can be easily exceeded by Mr. & Ms. Fickle Markets.
  • ———————–

mu 20170707sma-d

Chart 2: Micron Tech, Daily, EOD, Simple Moving Averages: sma3, sma9, sma20, sma50, sma100, sma200, sma400 … looking for moving average trends and crossovers

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(1.c) DAILY chart Moving Averages

  • The 3 period Simple Moving Average (sma3) at 30.27 is in an uptrend.
  • The 9 period Simple Moving Average (sma9) at 30.85 is in an uptrend.
  • The 20 period Simple Moving Average (sma20) at 31.01 is in an uptrend.
  • The 50 period Simple Moving Average (sma50) at 29.91 is in an uptrend.
  • The 100 period Simple Moving Average (sma100) at 28.05 is in an uptrend.
  • The 200 period Simple Moving Average (sma200) at 24.01 is in an uptrend.
  • The 400 period Simple Moving Average (sma400) at 18.30 is in an uptrend.
  • ———————–

mu 20170707w

Chart 3: Micron Tech, Weekly, EOD, O-H-L-C w/Resistances (r2, r1), Pivot Point (PP), and Supports (s1, s2).

  • ———————–

(2) Analysis of Weekly activity through Friday’s (7/7/2017) close at: $30.20
The current trend is up and all orders on the long side may be considered. The current market price activity is Strongly Bullish and suggests favorable trade opportunities on the long side. If already holding long positions, look to take partial profits on any retracement to $26.96. Traders with remaining long positions after profit taking should consider placing capital conserving stops in the region of $26.37. Be prepared for a potential short term price pull back to the $27.18 area.

  • Suggested placement of capital conserving stops:
  • If Long, exit all contracts at: $26.36
  • If Short, exit all contracts at: $32.96

(2.a) Additional WEEKLY chart info:

  • Overall, the bias in prices is: Upwards.
  • Short term: Prices are moving.
  • Intermediate term: Prices are trending.
  • Note (2.a.1) this chart shows extraordinary price action to the upside.

 

(2.b) WEEKLY chart price projection ranges (7/10/2017 – 7/21/2017):

  • Note (2.a.2): prices are vulnerable to a correction towards 22.05.
  • The upper projected target is: $33.72
  • The lower projected target is: $27.36
  • The projected closing price is: $30.54
  • Note: the above WEEKLY chart price projection ranges are for reference only, and can be easily exceeded by Mr. & Ms. Fickle Markets.
  • ———————–

mu 20170707sma-w

Chart 4: Micron Tech, Weekly, EOD, Simple Moving Averages: sma3, sma9, sma20, sma50, sma100, sma200, sma400 … looking for moving average trends and crossovers

  • ———————–

(2.c) WEEKLY chart Moving Averages

  • The 3 period Simple Moving Average (sma3) at 30.48 is in an uptrend.
  • The 9 period Simple Moving Average (sma9) at 29.77 is in an uptrend.
  • The 20 period Simple Moving Average (sma20) at 27.93 is in an uptrend.
  • The 50 period Simple Moving Average (sma50) at 22.40 is in an uptrend.
  • The 100 period Simple Moving Average (sma100) at 17.91 is in an uptrend.
  • The 200 period Simple Moving Average (sma200) at 22.27 is in an uptrend.
  • The 400 period Simple Moving Average (sma400) at 15.31 is in an uptrend.
  • ———————–

mu 20170707m

Chart 5: Micron Tech, Monthly, EOD, O-H-L-C w/Resistances (r2, r1), Pivot Point (PP), and Supports (s1, s2).

  • ———————–

(3) Analysis of Monthly chart activity through Friday’s (7/7/2017) close at: $30.20
The current trend is up and all orders on the long side may be considered. The current market price activity is Strongly Bullish and suggests favorable trade opportunities on the long side. If already holding long positions, look to take partial profits on any retracement to $16.45. Traders with remaining long positions after profit taking should consider placing capital conserving stops in the region of $13.02. Be prepared for a potential short term price pull back to the $24.98 area.

  • Suggested placement of capital conserving stops:
  • If Long, exit all contracts at: $ 9.35
  • If Short, exit all contracts at: $32.96

(3.a) Additional MONTHLY chart info:

  • Overall, the bias in prices is: Upwards.
  • Short term: Prices are moving.
  • Intermediate term: Prices are trending.
  • Note (3.a.1): this chart shows extraordinary price action to the upside.

 

(3.b) MONTHLY chart price projection ranges (7/3/2017 – 7/31/2017):

  • Note (3.b.1): prices are vulnerable to a correction towards 21.49.
  • The upper projected target is: $38.08
  • The lower projected target is: $23.06
  • The projected closing price is: $30.57
  • Note (3.b.2): the above MONTHLY chart price projection ranges are for reference only, and can be easily exceeded, up or down, by Mr. & Ms. Fickle Markets.
  •  ——————————

 

—  Monday, 7/3/2017   thru   Monday 7/31/2017  ——

 

  Hope the above MICRON TECH ORD (MU.O) calculations for Monday, 7/10/2017, day, week, and month,  helps your investing and trading planning today …

 

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