MU support zone 1075 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 14:26 ET, MU traded at 1086, 1.0% above the support zone. On the same map, the next level above was 1100 and the next level below was 1050. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 9:30 AM ET), with a low of 1014.27 and a high of 1088.76. In the last hour price moved down 50.98, from 1079.98 to 1029.00.

The regular-session close was 1087.84, 12.84 (1.19%) above the support zone at 1075. Under the rule (support zone: close above is a hit), that is a hit.

Micron rose as memory stocks outperformed, after a DA Davidson analyst raised his outlook on the stock. MU finished the day up 4.1%, while SPY was down 0.2%.

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