MU - It swiftly moved from consolidation zone and reached 1st target quickly. My 2nd Target is $65 by May 25. Based on its momentum it looks like it can hit the target before or immediately after the earnings date (23rd this month). Fundamentally - at least for short term there is a lot of demand for its products and there is supply shortage for now. It is a good buy for long term also. But, for a very longer term I would prefer INTC over MU.
Disclaimer: This is just my opinion, not an advice. Trade at your own risk. I/We long MU.
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The price had gone upto 63.4...very close to our target...hope you en-cashed the profit. There are still chances that price can go to $65. However...overall market is losing momentum...another 2 weeks are crucial...(rate hikes by US fed, Petro Yuan trading, retaliatory measures by EU and China to US tariffs)...to understand the direction... I am using strangles to play both directions of the market. Personally...I have exited from MU as there are better(less volatile) stocks to play...
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It can hit $65 if it defends $54.3...
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This is the most possible scenario now. (I think markets need data from earnings reports and their future estimations of a few semiconductor stocks to understand Industry supply and demand).