SasanSeifi 💁♂️MCHP/ 1D ⏭ $85 ? OR NEW HIGH ?🤔 LET'S SEE✌❗❗HI TRADERS ✌The possible scenario of MCHP is specified.As you can see, it is an upward trend from the range of $55. It is currently in the range of $82. We can expect that the price will grow to the range of $85 if it stabilizes above the support range of $79/$77. According to the formed HIGH and LOW, if the trend is still upward, the possibility of a new HIGH in the long-term view can be considered. We have to see how the price will react to the $85 resistance range.
Note that price stabilization above the $90 range is very important for a new HIGH.
let's see...
❎ (DYOR)...⚠⚜
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Mchplong
MCHP LONG - Buy Entry - D1 ChartMCHP LONG - Buy Entry - D1 Chart
Buy @ Market
Symbol: MCHP - Microchip Technology Inc
Timeframe: D1
Type: BUY
Entry Price: Buy @ Market
Last High - Resistance @ 88.98
Resistance @ 87.69
Pivot Point Yearly @ 80.36
Resistance becomes Support @ 77.00
Support @ 73.64
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MCHP - 16.08% Potential Profit - Corridor BreakoutCorridor Breakout out of a 3-month price correction. Moderate possibility to hit the uptrend resistance line.
Target price set at resistance line bounce.
- 3-Month Uptrend before correction
- RSI and STOCH well above 50
- MACD well above Signal
Suggested Entry $110.44
Suggested Stop Loss $106.77
Target price $128.15
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.