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Downtrend Broken Resist.Archive
- 4/5/2024 -
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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 dropped -2.14 points, or -2.39%, and closed at 87.57 on Friday, April 5, 2024. It was the worst weekly loss since February 16, 2024. Weekly volume was -21% below 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 73.27 and resistance is at 109.42. 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 73.27 and resistance is at 109.42. 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.
The weekly MACD line is above its signal line since March 8, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (88.49) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. MCHP may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.
 Daily Technical Indicators: [See MCHP daily technical indicators chart]
Daily Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 Williams' Percentage Range help.
The daily MACD line is below its signal line since March 19, 2024. The distance between MACD and the signal line is low, but getting bigger.
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 declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 6.3% on Friday. It is 50.79% lower than one year average. It indicates the period of low volatility of the stock price. 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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