Whilst the main market saw a day of moderate swings, there was very significant strength in Micron Technology (MU) which settled +3.3% at $41.21. Today's net daily gain offers provisional confirmation that the Monday low of $39.04 is a s/t floor, with the stock having cooled from $49.89.
Six days down... and finally a net daily gain for Micron. There has been notable buying around the psy' $40 threshold across the past 3 trading days. Effectively, the stock has declined by around 20% since the Nov'22nd high.
A floor does appear in. The cautious will now be buying, with a stop around the $39.04 low.
With a FPE in the 6s, Micron remains my most favoured stock in the entire market. Next earnings: Dec'19th in AH.