Microchip Technology Inc. (MCHP) – This manufacturer of semiconductor products — including PIC microcontrollers and digital signal controllers with on-board flash memory technology — bottomed in January.
Since then, it has made steady progress with intermittent periods of consolidation leading to a series of breakouts from triangles.
The recent break was accompanied by extraordinarily high volume, and my trading target is $31-$32.
S&P has a five-star (strong buy) rating on MCHP with a 12-month target price of $33.
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