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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 from Garrett Patten and Zac MannesBe like Warren?It was also almost a decade ago, in 2016, when Buffet departed from the “avoid” technology stocks advice he gave and started buying Apple shares. Berkshire Hathaway purchased approximately 1 billion USD worth of AAPL to the tune of 9.8 million shares (adjusting for splits). At the time he stated that he saw Apple not as a technology company, but much more like the way he saw Coca-Cola when he bought it: A consumer brand with strong customer loyalty and pricing power.
With the sideways action today, it does look like the market is trying to trace out a triangle. While we most commonly see triangles in b-wave and 4th wave positions, it seems a bit big to be a 4th wave in the c-wave of wave 4. So, by process of elimination, I think it may be a b-wave triangle, with a c-wave decline to the support likely our next step.
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