The Weekly Chart of MU favors a bounce upwards.
Your stop loss would be just below 45, and a profit target near 60.
You risk about 3 dollars a share for a reward of 15 dollars a share. That's a 5 to 1 risk to reward which is outstanding. The next support level down is in the 38-40 dollar level, so if you get stopped out, the 38-40 level would be the next area to buy at.
If MU closes below the 38-40 level, we will probably retest the 27-32 level.
I analyzed the weekly chart of MU in more depth at my blog along with many other stocks. bigfryfinancialmarkets.com
Your stop loss would be just below 45, and a profit target near 60.
You risk about 3 dollars a share for a reward of 15 dollars a share. That's a 5 to 1 risk to reward which is outstanding. The next support level down is in the 38-40 dollar level, so if you get stopped out, the 38-40 level would be the next area to buy at.
If MU closes below the 38-40 level, we will probably retest the 27-32 level.
I analyzed the weekly chart of MU in more depth at my blog along with many other stocks. bigfryfinancialmarkets.com