Trade Ideas: MU, MTG

Micron Technology, Inc. (NASDAQ:MU) hit a new 52-week high and held up very well when the nasdaq was tanking. The stock hit a high of $10.75 which is now resistance for Friday‚Äôs follow through move. From a technical standpoint, the stock is well above the major EMA’s, which are all moving up and the Relative Strength Index indicator (RSI) has moved up into the overbought zone. The MACD is rising in the positive zone and is above the signal line. In my opinion, the bulls may continue their domination for a while longer, but you should be prepared for a quick correction.

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Shares of MGIC Investment Corp. (NYSE:MTG) had a nice surge a few weeks ago and has been consolidating that move since then. Looking at the technical chart, we can see some positive technical signals, bullish MACD crossover, rising RSI line and the moving averages moving upwards. At this point, the next buy area is when it clears the 6.19 resistance on volume.

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Disclaimer: This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don’t consider buying or selling any stock without conducting your own due diligence.
About Antonio Costa 324 Articles

Antonio Costa is a 35 year old part-time trader who trade stocks in the US market.

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