Dave Barnhart maps intraday trade setups for SLV and MU on December 22. For SLV, he identifies support around 62-61 and targets 64-65 on a bullish move. For MU, he outlines a bullish range above $275.12 with targets to $295.28, citing volume patterns and moving averages on both.
Chapters
Good morning, traders! It's Monday, December 22nd at 4:27 AM, and you're right, it's an early one. So let's get started. The early bird gets the worm. I've got 2 stocks for you today. We've got silver and we've got MU. So let's have a look at silver first. We usually look at the largest trades in the last month, so let's go ahead and do that. We see this massive consolidation here, and really, if we were to overlay other prints there, you'll just see how they've just been adding to their position. So this one came out Pulled back, lots of new prints, moving up, more prints, testing prints, more prints, more prints, and we're at 2.9 million on Friday. Right here, the 4 and the 8 are moving. This is a very nice upward trend, and we're up on the day. So let's map that out for a long and a retracement trade. Okay, on the left-hand side, we've got our intraday. We're going to be bullish above 6250. We've got this CAM right here at 6243. Let's do the major levels, 6250, Target 62.87. 63, 63.53 is R3. Then we've got 64 and 65 is R4. So if this continues like this, we'll bump our heads on these things, the major dollar levels, half dollar stuff like that, and just, you know, natural price movement. We're going to be bearish below 62. Get below this Support here, target 6180, take a little bit off the table. 6174 is this cam, 6150, 6133. You see what we're doing because these are already laid out for us. Then we've got 6120, 6106, and 6085 is back to this 2.9 million. Essentially what I had pointed out here on the right-hand side from Friday, these are those prints there. From Friday, and so we've got our 200 simple, 200 exponential. We've got the pivot. We've got the prints. We've got the 50 simple here on the five minute. This is a huge support area, so just be careful if you're. This to me is a great exit point, especially with all of this in the way. All right, let's move on to Micron. Let's have a look at Micron. So same thing: largest prints in the last month. We see this here, one just over a million sitting here. And then so what we do is we come up, there were more prints, they pulled it back to buy more, closing above. These are great swing entries, right? You pull back, close above the prints, moves up, added, added. But then look, we pulled all the way back to this print level. So this was the day before earnings. So we went from $224 All the way up to, well, the high there, $261, right? That's, that's great, especially— well, not if you were short. And so we've got more trades here, this $1.6 million here on Friday, and this seems to be taking off. So we'll see what happens. Let's map this out for a long and a retracement trade so we don't have a bias. We're going to be bullish above $275.12. That's an 8th. Right? This is at a 16th. 275.07 is resistance, so 275.12 target. 276, 277.50, 278.65 is R2. 280, 282.50, 283.49 is a cam. 285, 290, 295.28. So you can see there's lots of room and it's expanding as we move higher. Now the ATR on this one's about Almost $16. So that's why I've got wider, wider targets in here. We're going to be bearish below 272. Let's get below this R1. Let's see here, we've got this kind of gap here after this price discovery when the market opened. Target 271, 270.49, 268.97. Down here, this is also my 50 simple moving average, 267.44. We've got that. Then we've got 266, like we had mentioned, 1.6 million within 8 cents of each other. That's sitting right here, so that'll be support as well. 264.40, 262.87. Then we've got 262.02, and this is similar sort of thing— 200 exponential, 200 simple. We've got the pivot, we've got these prints. So if we come down and tag this, this is massive, massive support. So I stopped there at 262. That's a 10-point move. If we do continue to come down a little bit, you've got this gap down to 256. Mind the 260 level, which is the retracement to this 4 exponential moving average here. This will be very strong from the higher time frame being the daily. All right, there you have it. Those are your 2 trade setups for today. So please like, share, subscribe, do all of that. Let us know how you're doing in the comments section. We always like to hear from our traders, and we'll see you later this afternoon with our results video to let you know how these played out. Happy trading, everyone.
