$MCHP.US — Is the Descending Triangle Near a Breakout? 👀
MCHP has been compressing for several months, with lower highs forming beneath a descending trendline while the ~$70–71 area has acted as important support.
The recent rebound has pushed price back toward the upper part of that structure.
Here are the levels I’m watching:
$87 → first resistance area $98 → next resistance $105.91 → May high / major resistance $70–71 → 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