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Downtrend ExhaustionArchive
- 4/19/2024 -
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Microchip Technology (MCHP) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Microchip Technology (MCHP). During the week, the MCHP dropped -3.96 points, or -4.62%, and closed at 81.68 on Friday, April 19, 2024. It was the worst weekly loss since January 5, 2024. MCHP was trading at average weekly trading volume.
 Long-term trend: [See MCHP long-term trend chart]
A long-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 73.72 and resistance is at 110.23. 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 downtrend had started on March 7, 2024 at 94.19 and reached 80.90 on April 19, 2024. MCHP lost 13.29 points, or 14.11%, in 6 weeks. The price is now at the 5.87% retracement level.
 Weekly Technical Indicators: [See MCHP weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.
Short-term trend: [See MCHP short-term trend chart]
A short-term downtrend had started on April 9, 2024 at 91.82 and reached 80.90 on April 19, 2024. MCHP lost 10.92 points, or 11.89%, in 10 days. The price is now at the 7.14% retracement level.
 Daily Technical Indicators: [See MCHP daily technical indicators chart]
Daily Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The daily MACD line is below its signal line since April 9, 2024. This is an indication that the short-term trend is down.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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