$MCHP.US â Is the Descending Triangle Near a Breakout? đ
MCHP has been compressing for several months, with lower highs forming beneath a descending trendline while the ~$70â71 area has acted as important support.
The recent rebound has pushed price back toward the upper part of that structure.
Here are the levels Iâm watching:
$87 â first resistance area $98 â next resistance $105.91 â May high / major resistance $70â71 â 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
MCHP has been compressing for several months, with lower highs forming beneath a descending trendline while the ~$70â71 area has acted as important support.
The recent rebound has pushed price back toward the upper part of that structure.
Here are the levels Iâm watching:
$87 â first resistance area $98 â next resistance $105.91 â May high / major resistance $70â71 â 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
