MU Tests Key Support! Will the Bulls Hold the Line? Jan. 14

Technical Analysis Overview:
4-Hour Chart:
* Trend: MU is retracing after a sharp rally, consolidating near the $96-$97 level.

* Indicators:
* EMA (9/21): The price is below the 9 EMA, but the 21 EMA is providing nearby dynamic support.

* MACD: Shows bearish momentum, but the histogram is contracting, signaling potential stabilization.

30-Minute Chart:
* Price Action:
* The stock is holding above $96, a key level aligned with immediate GEX resistance.
* $92.5 acts as critical support, highlighted by high PUT support.

* Volume: Lower volume on the pullback suggests a lack of strong selling pressure.

Key Levels to Watch:
Support Levels:
* $92.5: Significant support zone aligned with strong PUT activity (-99.65% GEX).
* $90: Next major support level, close to the 3rd PUT Wall.

Resistance Levels:
* $96-$97: Immediate resistance and highest positive NETGEX level.
* $100: Next resistance, coinciding with the 3rd CALL Wall.
* $106.7-$110: Major resistance aligned with the 2nd CALL Wall.

GEX Insights:

Key Gamma Levels:
* Positive Gamma Walls (Resistance):
* $96-$97: Immediate gamma resistance and the highest positive NETGEX.
* $100: 21.31% GEX (3rd CALL Wall).
* $110: 34.38% GEX (2nd CALL Wall).

* Negative Gamma Levels (Support):
* $92.5: -99.65% PUT support, critical to maintaining bullish structure.
* $90: High PUT activity (-75.97% GEX).

Options Metrics:
* IVR: 29.9, indicating relatively low implied volatility.
* IVx: 49.1, close to average.
* Call/Put Bias: 30.7% Calls, leaning slightly bullish.

Trade Scenarios:
Bullish Scenario:
* Entry: Above $97 with volume confirmation.
* Target: $100-$106.7.
* Stop-Loss: Below $92.5 to limit risk.

Bearish Scenario:
* Entry: Rejection at $97 or a breakdown below $92.5.
* Target: $90-$87.5.
* Stop-Loss: Above $100 to control losses.

Directional Bias:
* MU's recent pullback presents a consolidation phase, with $96-$97 as a critical inflection point. Bulls need a breakout above this zone to retest $100-$106, while bears will likely target $92.5 or lower if support breaks.

Conclusion:
MU is at a decisive level, with $96-$97 serving as immediate resistance. A breakout or rejection here will define the next trend. Traders should keep an eye on gamma resistance and support levels for actionable opportunities.

Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your research and trade responsibly.