Microchip (MCHP): Next mover; big base breakout watch
This is a copy&paste from a Bank of America Global Research Note:
"MCHP is a semiconductor devices stock that is forming late 2021 into mid 2023 big base. A decisive breakout above resistance at 87-88 and the late 2021 high a 90 would confirm this bullish setup and favor further upside to pattern counts at 104 and 120. Until then, rising 13, 26 and 40-week MAs near 79 to 75 underpin this bullish setup ahead of chart support at 71-70. MCHP is also building a big base relative to the SPX, which is bullish."
"MCHP is a semiconductor devices stock that is forming late 2021 into mid 2023 big base. A decisive breakout above resistance at 87-88 and the late 2021 high a 90 would confirm this bullish setup and favor further upside to pattern counts at 104 and 120. Until then, rising 13, 26 and 40-week MAs near 79 to 75 underpin this bullish setup ahead of chart support at 71-70. MCHP is also building a big base relative to the SPX, which is bullish."