Hi Traders!
Let's take a look at MCHP today. The price has broken the long lasting up-sloping support line. We expect from this point the price would fall to one of it's latest horizontal supports. The price might retest the previous support line and confirms it as a resistance. Stop loss should be taken if the price goes back above this support line, continuing to create higher highs and higher lows.
Did you find this idea helpful? Let us know in the comments!
Let's take a look at MCHP today. The price has broken the long lasting up-sloping support line. We expect from this point the price would fall to one of it's latest horizontal supports. The price might retest the previous support line and confirms it as a resistance. Stop loss should be taken if the price goes back above this support line, continuing to create higher highs and higher lows.
Did you find this idea helpful? Let us know in the comments!
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