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Micron (MU) is long from $21.77. Micron stock is trading at $56 as of this writing. The company reported earnings in line with consensus but less than the whisper numbers.
Broadly speaking, the company produces two kinds of memory, DRAM and NAND. There are serious concerns about NAND pricing going forward.
Investors that want to keep close track of MU may consider watching WDC and LRCX. The reason for watching LRCX is that it provides equipment to manufacture NAND.
The reason for watching WDC is that it bought SNDK. SNDK is a supplier of NAND but not DRAM.
Buy Now Rating
For those following the ‘Good Way,’ the ‘Buy Now’ rating is a ‘NO.’
Buy zone is $47 to $52.88. The buy zones are designed with a 70% probability of a fill in the next 120 days. The reason for a wide buy zone is that if a further dip in the stock market takes place, expect MU to be very volatile.
Target zone is $65 to $72.
Trade Around Position
We are likely to start a Trade Around position on a dip closer to the bottom of the buy zone.
What To Do Now
Those holding the long term position may consider continuing to hold.
Those not in the stock may consider scaling in on a dip into the buy zone.
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