Stock Chart Analysis MCHP

Stock Chart Analysis MCHP

Microchip Technology Inc. (Public, NASDAQ:MCHP)

While the markets have been looking weak to me, I noticed more then a few semiconductor equipment stocks tonight with interesting patterns developing. There are more then a few that look like they are attempting bottoming patterns. MCHP is one for instance. While it has plenty of overhead resistance, the recent action looks like a solid base. It has a clearly defined breakout point near $33, which if broken should lead to a filling of the gap near $36.If the markets decide to breakdown, then it shouldn't trigger, so this is a fairly easy play to call. Keep an eye on other stocks in this space like XLNX, AMAT and the Solar semi's as well. If the markets attempt a rally, then they may lead the way.

Good Trading,


Joey

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