Stocks retreated from all-time highs in light trading Monday as investors looked for catalysts to further propel the recent market gains.
Micron Technology (MU) was a notable winner in Monday trading session, jumped 5% to 14.17 – a whisker below the 52-week high set in late June. This is bullish from a technical perspective. In fact, as the chart below indicated, MU cold climb up to test key technical resistance near 17 after the downward trend halted. Just so that you know, initially profiled in our July 16, 2013 “Swing Trader Bulletin” MU had gained about 8% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for MU. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Micron Technology (daily)
As indicated in the above chart, our “U.S. Market ETF Trading Map” rates MU as a Buy. MU had been trending rapidly higher over the past few days after the late July correction tested and respected support near the prior low of 12.47 set in early July. Monday bullish breakout had helped clear resistance at the July falling trend line, indicating that MU might have switched to a new uptrend…Click here to read more.
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