MICROCHIP TECHNOLOGY INC (MCHP.O)

Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section a symmetrical triangle chart pattern opportunity, listed on the Nasdaq Stock Exchange.

MICROCHIP TECHNOLOGY INC (MCHP.O)

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 6 month-long symmetrical triangle with the upper boundary acting as strong resistance at 97.60 levels. The upper boundary was tested several times over the course of the chart pattern. A daily close above 100.50 levels will confirm the breakout from the 6 month-long symmetrical triangle with the possible chart pattern price target of 121.0 levels. (Data as of November 4, 2019)


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