RyanDreBach

MU Overbought - Expect an 8% drop from here

Short
NASDAQ:MU   Micron Technology
Semis are severely overbought and MU has outperformed the recent bull run this month without any uniquely good news for them, so I expect MU to give back it's gains on a pullback more than average. With semis overbought, market uncertainty into next week, and weekly options expiring tomorrow, I expect a decent selloff tomorrow. Tomorrow would be great timing for an MU selloff, especially considering price movement has been mirroring it's recent price action up. Though, I don't recommend buying puts expiring tomorrow, the options are dirt cheap considering the likelihood of this playing out, so I've just bought last day puts out of the money as a yolo, but am also holding puts expiring in a couple of weeks, since I could be a little early for the pullback. I will add puts into next week if it does not pull back.
Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.