MCHP - 16.08% Potential Profit - Corridor Breakout
Corridor 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.
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.
Comment:
The order didn't trigger yet. Considering a re-entry point.
Comment:
The setup is still valid, I haven't entered it yet - will consider doing so on Monday.