Micron reported this evening after the market closed. They reported earnings of .54, a 2 cent miss. They also had a small miss on revenue, $3.85 bln vs the $3.91 bln consensus.
The support levels are 21.00–20.64–18.80–16.39
Micron is a very cyclical business. Their revenue growth this quarter was minus 3.2 %. If I used normal valuation they come in at $47.10, but due to the drastic deceleration in their business 30 bucks is the best I can come up with. That said, my high target here is $23.60 and I will sell most of my position at $22.50.
I bought small at $21.00.
Bought 5x original position this A.M. at 19.01