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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 2/16/2024 -
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Microchip Technology (MCHP) Technical Analysis

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Summary:
Weekly :Overbought sectorWeekly  MACD line has moved below its signal line
Daily :Williams' Percentage Range is oversold
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It was the negative week for the Microchip Technology (MCHP). During the week, the MCHP dropped -3.83 points, or -4.48%, and closed at 81.61 on Friday, February 16, 2024. Weekly volume was 42% 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 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 71.76 and resistance is at 106.73. 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 71.76 and resistance is at 106.73. 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 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 January 24, 2024 at 92.71 and reached 79.94 on February 14, 2024. MCHP lost 12.77 points, or 13.77%, in 21 days. The price is now at the 13.08% retracement level.

Daily Technical Indicators: [See MCHP daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. 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 January 29, 2024. This is an indication that the short-term trend is down.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 33.61
Williams' Percentage Range (W%R) 80.70
Oversold
Lane's Stochastic (%D-Slow) 24.49
Greed/Fear Indicator (GFI) 25.81
Moving Average Converg./Diverg. (MACD) -0.91
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.20
Williams' Percentage Range (W%R) 46.20
Lane's Stochastic (%D-Slow) 38.38
Greed/Fear Indicator (GFI) 46.65
Moving Average Converg./Diverg. (MACD) 1.54
Trading Signals
Description Value Chart
Monthly Trendline Resistance 91.74
Upper Bollinger Band 90.77
Monthly Trendline Support 87.31
50 Day Moving Average 86.86
20 Day Moving Average 85.46
Weekly Stochastic Crossing 84.24
Parabolic System 83.90
Price 81.61
Daily Stochastic Crossing 81.28
Lower Bollinger Band 77.98
Quarterly Trendline Support 71.76
Yearly Trendline Support 71.76
Sector and Industry
Description Name Rank
Sector Information Technology 10
Industry Semiconductors 62
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 92.71
High Date 01/24/2024
Low 79.94
Low Date 02/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 94.14
High Date 12/15/2023
Low 79.94
Low Date 02/14/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Support
Resistance 91.74
Support 87.31
Low 68.75
Low Date 11/01/2023
High 94.14
High Date 12/15/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 106.73
Support 71.76
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 106.73
Support 71.76
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.