Look At This Bullish Pattern

Posted by Joe Duffy | Jul 27, 2023 | Joe Duffy's Trading Advantage | 0 |

Back after a couple days of unplanned sabbatical while I watched the room spin! Everything is back in place now.

The attached chart is MU (Micron Devices). You can see we have been dancing around an important area in Micron. On Wednesday it opened lower below the zone and closed highway above the zone. This is bullish behavior.

I talked about QCOM (Qualcomm) early in the week being a favorite. MU and QCOM are both semiconductor stocks. Hence, I think MU price action adds weight to the bullish case for QCOM. If the sector does rally AMD also is in a position to join. The lower risk area for AMD is $102 as I said on the weekend. Thats a safer area but doesn’t mean it will get there. I am still watching and not committed on a semi stock just yet.

Thanks

Joe

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Joe Duffy

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