MCHP is one of the very many within the semi-conductor industry that has been hit the hardest. It is extremely over extended to the downside and oversold. It is beyond the bollinger bands as well. It has just formed a bullish harmani with the 200sma sneaking up under it. I'm aiming for a 6.5% snapback to $90, then taking profits. Setting my stop at around 81.5. So this trade will have 2:1 risk/reward.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.