Swing Trade Idea – (MU) – July 29, 2020
Our bullish trade for Wednesday, July 29th is Micron Technology Inc (MU). MU is part of the Technology Sector (XLK). XLK has experienced a 4.56% gain in the last month and its 6M and trend turned bullish on April 22nd.
MU’s 6M trend turned bullish on June 29th and its 1M trend turned bearish yesterday as price has pulled back to an ideal buying zone. With a technical score of 5 (out of 10), MU is a neutral stock that will likely move higher.
As a stop loss, if MU were to trade below $47.00 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $3.66.
