Despite a solid earnings report, $MU took a beating today and has a lot of bulls scared.
However, looking at the OBV and the fib retrace i set on it...the largest volume bar of recent wasn't the one that brought it to the level it's at now. A weak break (weak on volume) there is important because it means that a little more volume can kick it back up fairly easily.....so there's not much downward pressure.
And after a dip in the money flow following that volume bar, we can see it starting to rise again. Today's money-flow was positive...implying there was alot of buying in the name today.
The options market supported the long thesis today because we saw some very large Call sweepers, mostly at the ask side. and a bullish P/C ratio.
https://cdn.discordapp.com/attachments/269209494527934465/330500773865848852/unknown.png
I see this stock moving up next week gradually.
However, looking at the OBV and the fib retrace i set on it...the largest volume bar of recent wasn't the one that brought it to the level it's at now. A weak break (weak on volume) there is important because it means that a little more volume can kick it back up fairly easily.....so there's not much downward pressure.
And after a dip in the money flow following that volume bar, we can see it starting to rise again. Today's money-flow was positive...implying there was alot of buying in the name today.
The options market supported the long thesis today because we saw some very large Call sweepers, mostly at the ask side. and a bullish P/C ratio.
https://cdn.discordapp.com/attachments/269209494527934465/330500773865848852/unknown.png
I see this stock moving up next week gradually.