MU still has another leg higher targeting ~38

Yes, the chip rally has been nothing short of breathtaking, but that doesn't mean it's too late to get long. MU technicals actually look to support another leg higher, even before Sept OPEX. Look for another couple days of consolidation with the next leg higher terminating ~38.

Comment:

Fantastic earnings from $MU! Top and bottom beat w/ a boost to guidance, above the prior range. That's even despite SSD snafu in their storage segment, which still saw revenues up 71%, yoy! Can't ask for much more on the fundamentals front! The stock has recovered beautifully, easily clearing new highs and marching through thr 1.272 fib extension. While the low end of my original target range was 37.85. I'm going to continue to hold through to the 1.618 fib extension at 38.39.

Trade closed: target reached:

Out!