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Semiconductors Industry Technical AnalysisArchive
- 5/26/2023 -
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Microchip Technology (MCHP) |
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| Summary:
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| | It was a second consecutive positive week for the Microchip Technology (MCHP). During the week, the MCHP climbed 0.45 points, or 0.58%, and closed at 78.32 on Friday, May 26, 2023. Weekly volume was 37% above average.
MCHP is a member of Information Technology Sector. Information Technology is the 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 uptrend had started on July 5, 2022 at 54.33 and reached 87.76 on February 3, 2023. MCHP gained -33.43 points, or -61.53%, in 30 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 55.73 and resistance is at 96.33. 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 Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See MCHP medium-term trend chart]
A medium-term downtrend had started on February 3, 2023 at 87.76 and reached 70.30 on April 27, 2023. MCHP lost 17.46 points, or 19.90%, in 11 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 65.64 and resistance is at 81.05. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See MCHP weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 6, 2023. This is an indication that the medium-term trend is down. 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 April 27, 2023 at 70.30 and reached 79.63 on May 22, 2023. MCHP gained -9.33 points, or -13.27%, in 25 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 72.45 and resistance is at 80.09. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.
Daily Technical Indicators: [See MCHP daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since May 12, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
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 price 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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