Micron Technology (MU)
Happy New Year!
2022 is off to a strong start, and only getting better with another winning pick.
That’s today’s Chart of the Week: Micron Technology (MU), which is ready to break out of a 20-year base to the upside!
This is a monster base going all the way back to its 2000 highs, which is where we’re getting in.
Above 97.5 we are long for a 50% gain.
Below 97.5, we are still under the former highs from 2000 and just watching, but above that level the sky’s the limit.
Bonus: Nancy Pelosi and her husband have been diving into MU for weeks now! (yes, it’s legal as long as they disclose it).
And for those looking for an options play here, we’ve got you covered.
We’re buying an $MU June 100/125 Bull Call Spread for an approximately $6.50 debit. This means we’ll be long the 100 calls and short an equal amount of 125 calls and the net debit we pay up front represents the absolute most we can lose in this trade if we’re wrong.
Til next week, good trading and happy new year,
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