Last week, Micron Technology (NASDAQ: MU) formed a strong bearish signal on the weekly chart called a topping tail. Today, price traded back up into the topping tail taking out nearly 50% of it. This makes for a real easy swing trading opportunity. A good entry price would be at today's close of $17.15 or a tad higher up to $17.40 where there is some substantial resistance on the hourly chart. Your stop would be any weekly close above the topping tail high of $17.86. Lastly, a good target would be about $15 where the 50 day moving average is rising up to meet a small gap fill.

 

By Pro-Trader