Technical analysis of MU and CVX before market open. MU has bullish entry above $326 and bearish entry below $322, with targets to $350 or $309. CVX rallies on Venezuela news, with bullish targets above $169 and bearish targets below $166.
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Good morning, traders! It's Monday, January 5th at 4:45 AM. All right, we've got 2 stocks for you today. We've got MU and we've got Chevron CVX, and it looks like the market's been taking off a little bit this morning, which is exciting. So let's go ahead and have a look. MU on the right-hand side, we've been covering this one quite a bit, but here's the largest trades in the last month. We've got back here December 8th. We've got prints upthrusted, pulled back to the 50 simple moving average, and then we've got increasing volume closing above prints. That's a great swing entry here, just pointing that out, although it's already happened. Seeing this setup after prints, we've got more prints going sideways, increasing, closing above. Also a good swing entry. Retesting prints. Back here, and then Friday, January 2nd, we had this. Look at this volume here on Friday. Now we're taking off pre-market. So this is the pre-market daily candle with all of the moving averages, and so we're up quite a bit today. We're up $9.80 pre-market. So let's map this out for an upside trade and a downside trade. We're going to be bullish above $326. Let's get above here, making a slightly higher high target. $326.83 is a cam. $327.50, $329. 337 is our 2. Then we've got 330. Then we'll break this up into $2.50 increments: 330, 250, 335, 337, 61. Then 340, 345, 350, 11. Look at the space we've got on the upside. That's very exciting there. On the downside, we're going to be bearish below 322. Let's get below this support. Here, 322 target 321.12. Down here, 319.22, 317.32. You see what we're doing here? 315, 313.52, 311.62, and then we've got 309.72. I stopped right here. This is also would retrace back to the four exponential moving average. This this year. It's 309.11. We just got to be careful of that with this coming back. This will move a little bit, but I stopped here as well. We've got 309.62 is a 200K print. We've also got my peanut butter and jelly, my 200 exponential, 200 simple. So there might be a little bit more room here to come back down to the pivot at 308.63, but I put the— my exit here as we're hitting these levels and the prints. Okay, let's move on and look at Chevron. So Chevron, look at this. I guess with the Venezuela stuff going on, these oil stocks, energy has been taking off. But look at this buildup here. These are the largest trades in the last month on this one going back December 8th. We can see this, and there was this print range here December 8th. We've got this one And then up here on December 11th, we've got another trade. So what we did is we played— it's called print pong here— pulled back, made a lower low, but there were more prints. Look. And then we come up, we almost tagged the print, higher low, moving up. Now this is a bit of a mess with all of the moving averages and the other prints here. Friday, look at this, the break above all of the prints. This is a great swing entry here, and then today we're actually up $11.40, right? So there's news on that. Apparently maybe they're going to be able to recover some stressed assets or stranded assets in Venezuela after all of that news. So anyway, it's up. So who's to say they didn't know something about that back here? We'll see. So let's map out for a retracement and for a long position. So for the long position, we're going to be bullish above 169. Let's get above here. Let's get back up so and so that this is now support. We need to break, retest, make sure this holds. Target 170, 172.50, 172.95 gets us to R5, and then the sky's clear after that. 175, 177.50, 180. I've got us up to here, 180. The ATR on this one is $2.19, and we're already up 5 times the ATR for the day. So I mean, it can still move, right? There's some decent news on that. We're going to be bearish below 166. Let's get below here. Target 165, 163.63, back to R3. And this is usually the Overbought position, but we'll see. We're pulling back here. So we've got this at the open pulled back to the four and eight exponential moving average, and this might continue up with some strength like I was mentioning. So on our retracement here, yeah, the bearish below the one sixty six, one sixty five, one sixty three, sixty five, right? Which was this one: one sixty two, one sixty sixty nine. Is this cam. 159 is our 2 down here, and look at how tight all of this is getting here. 158.46 is this, uh, 50 simple moving average. We've got this cam, and then I'm thinking this 4 EMA will probably— this one right here will move down slightly as the price comes back because it's, uh, it's, uh, this one moves really quick. So we could come back to test this. Now if we come back and test this 4 here, you can see that this is all support here around the 159 area as well on that. All right, there you have it. Those are your 2 trade setups for today. So please like, share, subscribe, do all of that great stuff. Leave some comments in the comment section below. And we'll see you later this afternoon with our results video. Happy trading, everyone! Happy trading, everyone!
