MCHP has been filling out a pennant since late January. Recently it gapped down below the lower trendline but held the 200 MA nicely and has since rallied back above. Looking for an upswing to the top trendline and a possible breakout.
TRADE IDEAS:
CALLS:
Entry: Break and hold above 148 and 10 MA.
Contract: MCHP 7/23 148c
PT: 153.50, red trendline
Breakout PT on break of top trendline:
160, 164.40, 167
Stop Loss: Little risky here but, break and hold under 144
Re Entry: Same as original
TRADE IDEAS:
CALLS:
Entry: Break and hold above 148 and 10 MA.
Contract: MCHP 7/23 148c
PT: 153.50, red trendline
Breakout PT on break of top trendline:
160, 164.40, 167
Stop Loss: Little risky here but, break and hold under 144
Re Entry: Same as original