Micron Technology (MU) - Trade Stocks

Micron Technology (MU)

By Mon, Jan 10, 2022

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,

JC Parets

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About the Author

JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.