MU Flashing Caution While QQQ Battles the 50DMA
1. $Micron Technology(MU)$
The monthly price action is above the upper Bollinger band, and the RSI is quite overbought.
Previous occurrences in Feb 2021, and April 2024 suggest that a return to the Bollinger range is coming, followed by a multi-month decline.
Stock chart for MU on monthly timeframe displays green and red candlesticks forming price action above the upper Bollinger band. RSI indicator at the bottom shows overbought levels above 70. 20 MA line in green trends upward. Annotations highlight previous occurrences in Feb 2021 and April 2024 with green arrows.
2. $Invesco QQQ(QQQ)$
The 50DMA is becoming resistance.
Zooming in to the 4-hour chart, there was a lack of conviction at Friday's close, unlike the previous week's strength highlighted by the green arrow.
Stock chart for QQQ displays daily candlestick price movements with a green 50-day moving average line curving upward and acting as resistance near current prices around 480.
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The 50DMA is becoming resistance.
Zooming in to the 4-hour chart, there was a lack of conviction at Friday's close, unlike the previous week's strength highlighted by the green arrow.
Stock chart for QQQ displays daily candlestick price movements with a green 50-day moving average line curving upward and acting as resistance near current prices around 480.
What price target could turn out from above scenario