Micron has completed a topping formation, hinting a potential deeper bearish correction.
-The price has completed a minor head and shoulders pattern, by breaking 31.80 horizontal support level,
- In addition to breaking the 50-days SMA.
-Strong volume levels on breakout
-The price attempted to regain the upside, but today's action was bearish, as price failed to sustain the rebound, forming a shooting star candle, and indicating that the rebound is probably a mere throwback(retest).
I am expecting a move initially to 28.00 then towards the main rising trend line around 25.50. I would consider this scenario not valid if price breaks and hold back above 33.00.
Good luck mates, come join me at twitter.com/thefxchannel
also at my Facebook page www.thefxchannel.com
My best regards,
Technician
-The price has completed a minor head and shoulders pattern, by breaking 31.80 horizontal support level,
- In addition to breaking the 50-days SMA.
-Strong volume levels on breakout
-The price attempted to regain the upside, but today's action was bearish, as price failed to sustain the rebound, forming a shooting star candle, and indicating that the rebound is probably a mere throwback(retest).
I am expecting a move initially to 28.00 then towards the main rising trend line around 25.50. I would consider this scenario not valid if price breaks and hold back above 33.00.
Good luck mates, come join me at twitter.com/thefxchannel
also at my Facebook page www.thefxchannel.com
My best regards,
Technician