MU - try to find entry point

30 Apr 2023

MU - 12 year chart.
1.Below AVWAP from the low of 2016 is not taken.
2. 10 month consolidation in $$ 49-65 range
3. Price is back in a multi-year rising channel and is trading not too far from its lower boundary
4. Is near the upper boundary of the descending channel with a high in January 22
5. Trades near the AVWAP from the highs of 2022
6. RS on the weekly charts is moving into positive territory.

7. Well all memory manufacturers have announced price increases.

In case of consolidation above $68 we can look for an entry point into the stock. I do not exclude a pullback into the 60-62 range after AVWAP breakdown.

Stop calculation (mandatory) will need to be done depending on entry point and position size.

This is not an investment idea