MU — gap-reversal

Summary

Chinese memory chip advances raise competition concerns, so semis in the US dropped as they might be behind on the newest tech. 5.5% gap on a trillion-dollar market cap company is a good gap, plus they have uptrending earnings. My original idea was to buy the breakout of the premarket consolidation, but it didn't materialize. Instead, it started to hang around the bottom price for a long time, so the theory was to get in as it broke out of that consolidation. As it goes up vertical without any pullbacks I sell half at the top of the bar and the rest on a tight stop as it does the same for the next bar.