$MCHP Breakout to All Time High

Here we can see $MCHP has completed a two year-long Head and Shoulder pattern. Furthermore, to add to our bullish bias for a breakout to all time highs, a smaller Ascending Triangle has formed as part of the right shoulder. Also, this Ascending Triangle almost has the same resistance as the larger Head and Shoulder pattern. A breakout for the Ascending Triangle would almost certainly mean a breakout for the larger pattern and that's just what we got!

Having completed the breakout of this chart pattern, I look for MICROCHIP TECHNOLOGY to stay on its journey to new all time highs; targeting price: $142.37

If you found this idea to be informational or helpful, consider leaving a like or comment!

Cheers