The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Microchip Technology (MCHP) Technical Analysis

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Summary:
Weekly :Overbought sectorWeekly  MACD line has moved above its signal line
Daily :The price has fallen below the Parabolic SAR20 Day Moving Average has crossed above the 50 Day Moving AveragePrice is near the Fibonacci 38.2% retracement level
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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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 61.19
Williams' Percentage Range (W%R) 48.20
Lane's Stochastic (%D-Slow) 59.77
Greed/Fear Indicator (GFI) 57.58
Moving Average Converg./Diverg. (MACD) 1.05
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 53.43
Williams' Percentage Range (W%R) 26.20
Lane's Stochastic (%D-Slow) 40.44
Greed/Fear Indicator (GFI) 54.19
Moving Average Converg./Diverg. (MACD) 1.40
Trading Signals
Description Value Chart
Upper Bollinger Band 94.43
Parabolic System 94.01
Daily Stochastic Crossing 90.98
Price 88.64
Weekly Stochastic Crossing 86.60
20 Day Moving Average 86.33
50 Day Moving Average 85.87
Lower Bollinger Band 80.35
Quarterly Trendline Support 72.63
Yearly Trendline Support 72.63
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Semiconductors 59
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 94.19
High Date 03/07/2024
Low 87.55
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 79.94
Low Date 02/14/2024
High 94.19
High Date 03/07/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 68.75
Low Date 11/01/2023
High 94.19
High Date 03/07/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 108.28
Support 72.63
Low 54.33
Low Date 07/05/2022
High 94.30
High Date 07/31/2023
Description Value
Direction Down
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 108.28
Support 72.63
High 166.67
High Date 02/17/2021
Low 54.33
Low Date 07/05/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.