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MU (Micro Technologies) knocked the cover off the ball last night in its Earnings Report (see Seeking Alpha snippet below), which has goosed the stock 12.5% as we speak. My attached 4-Hour and Daily Charts indicate that MU needs to take out and close above 264.75 to trigger a higher projection to 295-300. In the absence of a close at new ATHs, MU's near-term setup argues for a range-bound period between 240 and 260. As long as any acute weakness is contained above 220, the bulls will remain in directional control... Last is 252.00 off of a post-Earnings spike high at 263.65...
Written by Mark Malinowski with charts and commentary by Zac MannesImages Courtesy of the Nutrien Website.Cheap natural gas and cheap wheat should mean cheap beef, right? If you’ve been to the grocery store only a handful of times in the past few years, you know that beef is nearly twice as expensive as it was at the start of 2020. Meanwhile wheat and natural gas are trading at almost half of the Jan 2020 value and that is not on a constant currency basis.
While I cannot guarantee how the market is going to move, I can outline potential set ups which present a good risk/reward type of structure. And, I am seeing one now in SPX.With the market bottoming around the .500 retracement and the original target we had for this last decline, we have rallied in what counts relatively well as a 5-wave structure off the low. I would then view that as wave 1 of the (c) wave. Thereafter, we had a sharp pullback, which is a bit clouded in its structure, but which I am assuming is a wave 2.
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