Live monitoring of the Rising Wedge setup on MCHP. See where price is heading.
Reversal pattern. Price likely to break downwards.
Gradual reversal from bearish to bullish.
Bullish continuation if preceding move was up.
Indecision. Widening then narrowing range.
Technical analysis of Microchip Technology (MCHP) reveals a significant setup. Currently at $90.93, the asset is showing downward momentum (-3.28%). The primary technical feature is a Diamond formation. This setup is supported by average volume turnover. A potential breakout level is identified at $105.91, targeting $140.99 with support near $88.37 (R:R 2.0).
What is your outlook on MCHP?