This post was just published on ZYX Buy Change Alert.
Micron (MU) stock is flying on a target raise by an analyst from $55 to $100. Please note the following:
- The stock is experiencing aggressive buying by the momo crowd.
- Short squeeze is only a very small part of this rise.
- The smart money is not chasing the stock but also not selling into the strength.
- Technically the stock is very overbought and prone to a pullback. However the momo crowd tends to ignore everything other than the price momentum.
At lease temporarily, our target zone remains $65 to $72. The new buy zone is $49 to $52.88.
What To Do Now
For those who are holding MU stock, the key question is whether to take partial profits here or not. If you are holding it from $21.77, our original buy price and have already taken partial profits, consider continuing to hold.
If you bought relatively recently, and have not yet taken partial profits, consider taking partial profits in the zone of $60 to $62. It is trading at $60.42 as of this writing.
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