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Semiconductors Industry Stocks Technical Analysis - MCHPArchive - 3/15/2024 - Sign In to see current Signals. |
Microchip Technology (MCHP) Technical Analysis
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| Summary:
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| | It was the negative week for the Microchip Technology (MCHP). During the week, the MCHP gave back -0.20 points, or -0.23%, and closed at 88.64 on Friday, March 15, 2024. Weekly volume was 50% above average. MCHP is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry. Long-term trend: [See MCHP long-term trend chart] A long-term downtrend had started on February 17, 2021 at 166.67 and reached 54.33 on July 5, 2022. MCHP lost 112.34 points, or 67.40%, in 71 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 72.63 and resistance is at 108.28. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend. Medium-term trend: [See MCHP medium-term trend chart] A medium-term uptrend had started on July 5, 2022 at 54.33 and reached 94.30 on July 31, 2023. MCHP gained -39.97 points, or -73.57%, in 55 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 72.63 and resistance is at 108.28. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend. Weekly Technical Indicators: [See MCHP weekly technical indicators chart] Weekly technical indicators are neutral. During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help. Short-term trend: [See MCHP short-term trend chart] A short-term uptrend had started on February 14, 2024 at 79.94 and reached 94.19 on March 7, 2024. MCHP gained -14.25 points, or -17.83%, in 22 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level. Daily Technical Indicators: [See MCHP daily technical indicators chart] Daily technical indicators are neutral. The daily MACD line is above its signal line since February 22, 2024. This is an indication that the short-term trend is up. During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level. During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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