MCHP has stalled and looks to be in a rectangle. I have been noticing it goes up then back down like it is struggling. Top of rectangle is
The possible market rotation has been tough for any type of tech stocks it seems
Mid rectangle can be a stop if it breaks up or down from rectangle
I am hoping MCHP will regain momentum but for now, it is not looking too peppy.
If you look at the weekly chart, you can see the rectangle easily
A Rectangle is a continuation pattern that forms as a trading range during a pause in the trend. Rectangles are sometimes referred to as trading ranges, consolidation zones or congestion areas. To qualify as a continuation pattern, a prior trend should exist.
Bottom trendline of rectangle is 97.5
Not a recommendation
The possible market rotation has been tough for any type of tech stocks it seems
Mid rectangle can be a stop if it breaks up or down from rectangle
I am hoping MCHP will regain momentum but for now, it is not looking too peppy.
If you look at the weekly chart, you can see the rectangle easily
A Rectangle is a continuation pattern that forms as a trading range during a pause in the trend. Rectangles are sometimes referred to as trading ranges, consolidation zones or congestion areas. To qualify as a continuation pattern, a prior trend should exist.
Bottom trendline of rectangle is 97.5
Not a recommendation