$MU setting up a bearish trend. Time to take profits
Back in May of 2016 
MU was showing very positive signs that a rally was about to begin. Little did we know it would go from around $12 to a high of about almost $32.96 in a span of 14 months. Along the way, people kept asking, "Is it time to sell MU?" Our answer was always the same - not yet...until now. What we are beginning to see in the chart of MU signs that suggest now is the time to begin taking profits and exiting positions. SELL! SELL! SELL!
The chart below shows the weekly time frame forMU and how it has been trading sideways for about 10 weeks now. But that's not all. It's the patterns and the candlesticks inside this sideways trend that is becoming very spooky and cautions traders to begin taking profits. The one thing going for this weekly chart is the fact that we are literally just at the beginning of the week. Friday will tell for sure if there is any chance for this stock to recover. But from what we can see right now, it is not looking pretty. So much so that it will prudent for people to start exiting their positions and looking to find profits with other stocks. A close below $30.20 on Friday at 4:00 p.m. August 4th 2017 will spell disaster.
When will it be safe to get back intoMU? Well until the channel breaks to the upside or until we begin seeing some form of reversal signs. Until then, whether it is a sideways trend or the beginning of an outright downtrend, MU is not looking good.
MU was showing very positive signs that a rally was about to begin. Little did we know it would go from around $12 to a high of about almost $32.96 in a span of 14 months. Along the way, people kept asking, "Is it time to sell MU?" Our answer was always the same - not yet...until now. What we are beginning to see in the chart of MU signs that suggest now is the time to begin taking profits and exiting positions. SELL! SELL! SELL!The chart below shows the weekly time frame for
MU and how it has been trading sideways for about 10 weeks now. But that's not all. It's the patterns and the candlesticks inside this sideways trend that is becoming very spooky and cautions traders to begin taking profits. The one thing going for this weekly chart is the fact that we are literally just at the beginning of the week. Friday will tell for sure if there is any chance for this stock to recover. But from what we can see right now, it is not looking pretty. So much so that it will prudent for people to start exiting their positions and looking to find profits with other stocks. A close below $30.20 on Friday at 4:00 p.m. August 4th 2017 will spell disaster. When will it be safe to get back into
MU? Well until the channel breaks to the upside or until we begin seeing some form of reversal signs. Until then, whether it is a sideways trend or the beginning of an outright downtrend, MU is not looking good.
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