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Summary
- Micron (MU) dropped post-earnings, triggering a buy-on-weakness signal with SID Buy Signal and continued inclusion in our 2024MP Model Portfolio.
- MU outperforming Index trend, likely to attract portfolio managers adding to positions on pullback, identified support levels on the chart.
- Chart signals will show bottom for buying on weakness when portfolio managers start buying again at lower prices.
- I am Tom Lloyd, a former Wall Street research specialist, financial educator with a specialization in accounting. I lead the investing group Daily Index Beater where my buy/sell signals inform our investing and trade ideas.
Micron (NASDAQ:MU) just dropped after reporting earnings, and we think this will trigger our buy-on-weakness signals because it has our proprietary Stocks In Demand or SID Buy Signal and is already in our 2024MP Model Portfolio. The charts below show the short-term Sell signal on the daily chart and the longer-term Buy signal on the weekly chart.
MU is outperforming the Index on a trend basis, shown on our weekly chart below, and portfolio managers love that. We expect them to add to their positions on any pullback like this post earnings one. That is what happened last time.
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