MU near-term positive; held consolidation trend line and closed near top range, eyeing gap fill and new highs with overhead room.

That's on the back of MU earnings not collapsing in the market. It pushed up. They did so slightly which allowed the rest of the other SIM and AI tech plays to just push up higher on the charts. breathe a sigh of relief that MU didn't get knocked on its earnings report.

All right, MU. This is a big company. It it's really had a whole bunch of excitement this year rallying up the way it has with the AI data center buildout. And guys, if you haven't recognized, man, this has been a key driver in the increase of cost for all the computers.

Beware if you're going to be shopping for a new computer over the holiday season. Memory prices have literally gone out of control. But anyway, back into MU. The key thing for MU and a lot of investors including myself were watching was this horizontal trend line separating price from the peak highs that we had back in June.

And you can see price was capped for several attempts to go higher right here at this level at $1,35.50. Well, today we did trade underneath that. And where did we finish? Up near the top range of this consolidation.

So that leaves it at least near-term positive, which is also why the semis pushed up higher, which is why a lot of other uh um AI and tech plays continued to push up because MU did not break down.

Now, where can it go next? We've clearly got a gap fill right here. But guys, if I take away this inclining trend line, let me draw a parallel channel. I think this illustrates where we could go, especially when charts are making new highs on on their uh on the year or just on any near-term making new highs. where can we go?

Because we're not just going to stop at all-time highs on every single chart, but we cleanly see here if we were to continue to march up, that 50% area, the parallel will likely be the next key resistance beyond what I already identified, the gap fill and the all-time high.

Now, when it gets there is another question, but as you can see here, that line extends and gets higher and higher and higher for MU. So, positive news though, takeaway today. We are in the green still in this consolidation eyeing the next potential gap fill with a lot of overhead room to run if this MU play catches fire again.

has most recently triggered. Last week, we had a weekly candle close. looking like this week is going to confirm that move down on the charts with a targeted measured move down here at $137.

Now, we could see bounces along the way. I see this shelf right here at $166. That could give a retest of that neckline. That would be the appropriate place to get in. Wait for price to get back up and then fade that play.

And if price gets above the neckline, simply stop out. That way you manage risk very, very nicely.