$MCHP.US โ Is the Descending Triangle Near a Breakout? ๐
MCHP has been compressing for several months, with lower highs forming beneath a descending trendline while the ~$70โ71 area has acted as important support.
The recent rebound has pushed price back toward the upper part of that structure.
Here are the levels Iโm watching:
$87 โ first resistance area $98 โ next resistance $105.91 โ May high / major resistance $70โ71 โ key support zone
A sustained move above the descending trendline could change the structure and put the higher resistance levels back in focus.
On the other hand, a daily close below ~$70 would weaken the setup significantly.
The interesting part is the confirmation, not trying to predict the breakout before it happens.
Do you see MCHP preparing for a breakout, or does the triangle still need more time to develop?
#MCHP #stocks #Semiconductors #TechnicalAnalysis #MarketStructure