Intel dropped to $44.50, hitting the $45 target after a bearish gap down below $46.75. Micron rallied to $411.62 then reversed on heavy volume, offering a short back to the $R1 level near the 200-day moving average.
Chapters
Good afternoon, traders. It's Friday, January 23rd at 2:52 PM. Let's review our trade setups we had for today. We had Intel and we had MU. So Intel had earnings and we can see the nice juicy red candle in the gap down. Today it's down 17%. You can see that up here, $9.66. So, uh, clearly earnings didn't work out so well for them. So yeah, bullish above 48.50. That never occurred. We were bearish below 46.75. So this actually occurred here. We opened and came down, tagged that, and then look, we came down to 45.50, couldn't make a higher high, increasing volume. This green candle fizzled out, broke below the VWAP, and we came down to about the 44.50 level. And we had targets down to 45, and then 44.05 was a target. So 45 So that's, um, yeah, that's $1.75 there so far on that one. We'll see. Look at this volume for today. This could continue over the next couple days. Usually after earnings, if they're selling, the institutions might dump some more into there. So I could see us, if that's the case, we could come down to $42.50 on this one, or down to my trend line, potentially around $40. We'll see. But we need to see institutional Levels at the bottom if this is going to pick up again. Let's go ahead and look at MU. So this one quite a different story. MU we were bullish above 396, bearish below 3975. The 3975 never occurred, but we were bullish above 396. So this was great pretty much well just before the open. It 396 came down. We held this cam right down here. I'll zoom in. We, we held this one right here about 390, 380. We popped down and pretty much almost tagged our pivot 390.76. We wanted to break below that, but this held. We had this initial volume and then we broke above here. So, uh, yeah, bullish above 396. This one went all the way pretty much the high of the day was our R3. R2, uh, 411.62. So this is a pretty good trade here. And then when you see these reversals at these levels, we have this huge volume here, we start getting some wicks on top, then we have a big juicy red candle here, and then increasing volume is always key. So when we broke below this, that was a great shorting opportunity back to the R1, which we see that And then we have increasing volume, and this came back to my 200 moving average here, and we tend to hold. So we're just kind of fizzling out for the rest of the day on that one. Okay, there you have it. Those are the results of your 2 trade setups. Hopefully you made some money on these today. So please let us know how you're doing in the comment section below. Like, share, subscribe, and we'll see you Monday with all new trade setups. Happy trading, everyone. Bobi Tick has partnered with TrendSpider to bring real-time institutional trades to your charts. Click the link in the description below for more details.
