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.
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.
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.