Nov. 14 at 3:20 AM
$MCHP is currently trading at
$54.81, showing significant weakness with an RSI of 24.29, indicating it is oversold. The recent 60-day high of
$70.7 and low of
$52.81 suggest a bearish trend, as the price is closer to the low end of this range. The 30-day moving average (MA30) at
$62.58 and the 50-day moving average (MA50) at
$63.53 further support a bearish sentiment, as the current price is well below these averages.
Given the oversold RSI condition, a potential short-term bounce could occur. Suggested entry is at
$55.00, with a stop loss set at
$52.50 to manage risk. Target 1 is
$58.00, aligning with the MA30, and Target 2 is
$60.00, just below the MA50. This plan allows for a potential recovery while maintaining a cautious approach given the overall bearish indicators.
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