Micron (MU) – Selloff Provides Opportunity – Aug 7th, 2019

The bullish DailyPlay we chose for Wednesday, Aug 7th is Micron (MUWealth Strength IndexMU is Extremely Flat and trending Down). MUWealth Strength IndexMU is Extremely Flat and trending Down is part of the Technology Sector (XLK). XLK has rallied 2.94% lower over the past month and its 1m trend turned bearish on Aug 4th and just bounced higher off its $75 support level after being oversold.

Micron’s 1m and 6m trend turned bullish on June 27th and recently bounced higher off its $42 support level. With a technical score of 8 (out of 10), MUWealth Strength IndexMU is Extremely Flat and trending Down is a strong stock that will likely continue higher.
As a stop loss, if MUWealth Strength IndexMU is Extremely Flat and trending Down was to trade below $42 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.