Who is gonna win this battle: cup and handle or rising wedge ?
MCHP made a nice “buy the dip” on Tuesday creating a “cup and handle” pattern that combined with the ABCD pattern gives a forecast for a possible target price at point (D).
If that happens, MCHP will break the resistance line and go into a new trend which it will then surely test again.
Of course you should also keep in mind the rising wedge and be careful. But on my opinion bears are not strong enough to push the price down at the moment, but in any case it remains to be seen how this battle will unfold and be ready for buying setups.
Thank you for reading this, and if you have some comments there are more than welcome, also feel free to press like button if you think this is a interesting and good analysis :)
MCHP
MCHP made a nice “buy the dip” on Tuesday creating a “cup and handle” pattern that combined with the ABCD pattern gives a forecast for a possible target price at point (D).
If that happens, MCHP will break the resistance line and go into a new trend which it will then surely test again.
Of course you should also keep in mind the rising wedge and be careful. But on my opinion bears are not strong enough to push the price down at the moment, but in any case it remains to be seen how this battle will unfold and be ready for buying setups.
Thank you for reading this, and if you have some comments there are more than welcome, also feel free to press like button if you think this is a interesting and good analysis :)
MCHP