I don't follow the formations at all, actually. As I said, someone asked about a cup with handle a few days ago, and I happened to bump into a picture of one, so I posted it. I trade based on fundamentals, long term cycles, and use neural nets for short term timing.
I am bullish on MU short term for a couple reasons. First, last time Kurlak knocked MU down it recovered the next day. Second they are announcing earnings, and I expect them to be pretty good. Of course this is already priced into the stock, so it will probably be a "buy the rumor, sell the news" situation. And thirdly, I am bullish because my computer tells me to be. I am trying to get today's action updated so I know if I should still be bullish for tomorrow, but I am pretty sure nothing will change. As for a target, I have none. I will bearish when my models switch over.
As for traditional technical analysis, I am pretty much a skeptic, but I am reading the thread to see if I can learn anything useful.
Carl |
