MCHP has been filling out a pennant since late January. Recently it gapped down below the lower trendline but held the 200 MA nicely and has since rallied back above. Looking for an upswing to the top trendline and a possible breakout.
TRADE IDEAS: CALLS: Entry: Break and hold above 148 and 10 MA. Contract: MCHP 7/23 148c PT: 153.50, red trendline Breakout PT on break of top trendline: 160, 164.40, 167 Stop Loss: Little risky here but, break and hold under 144 Re Entry: Same as original
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.