MU: This could reverse the trend! (D&W charts)

אתמולDaily Chart (Left):

Double Bottom Formation: The price has formed a double bottom pattern near the $85 level, which often signifies a potential reversal point. This suggests that there might be bullish pressure accumulating at this support zone.
Gap: There is a clear gap in the price action from July, which could potentially act as resistance. Gaps often get filled, meaning that price might gravitate towards the gap zone in the mid-term.
Resistance Area: The price is approaching a critical resistance area around $91.47, which aligns with the 21-day EMA. This level needs to be cleared for any significant bullish momentum to continue.
21-day EMA: The stock has been trading below the 21-day EMA, and this has acted as a dynamic resistance. A clear break above this level could signal a stronger bullish move.

Weekly Chart (Right):

Hammer Pattern: On the weekly chart, a hammer pattern has formed at the $84.91 level, which is a bullish reversal candlestick pattern, often seen at the bottom of a downtrend. This suggests the possibility of a bounce from this level, reinforcing the significance of the support zone.
Key Resistance Zones: The $91.47 level is also important on the weekly chart, as breaking above it would confirm the bullish reversal indicated by the hammer pattern. The next target would be the $111 level, where the price encountered resistance earlier.

Conclusion:

In the short term, $91.47 is the key resistance area to watch. A successful breakout above this level could lead to a bullish move towards the $111 level. However, failure to break above this resistance may result in consolidation or a potential retest of the $85 support level. The hammer pattern on the weekly chart adds weight to a possible bullish reversal, but confirmation is needed with a move above $91.47.

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All the best,
Nathan.