Thursday, October 05, 2017 2:50:09 PM
MU will need another earnings beat and a spike higher after late December earnings release to get to $45 by January.
To get there sooner, MU needs to trade above the top fork tang for a long enough time so that it justifies adding a fourth, higher, tang. Not common but it happens.
I expect an earnings beat in December, but not all MU beats cause moves higher. Last June's earnings, for instance. MU reported an earnings beat in late June but the stock went down and actually broke through the bottom fork tang on July 3rd, and its chart looked pretty ugly for the next two months.
*** So that's why I like to sell options around MU. It brings in extra income when its chart is sick.
Other traders solve that problem by trading in and out of MU according to systems. But that's inefficient as they get whiplash sometimes, or get stopped out, and also miss some trades.
Recent MU News
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