Courtesy of Chris Kimble
With the U.S. stock market in bull-mode and tech stocks surging, there is no shortage of strong stocks out there.
Today, we share a tech stock that is breaking out of a very bullish price cup with handle pattern: Macom Technology Solutions (MTSI).
As you can see, MTSI’s stock price formed a very large “cup” pattern from 2017 to 2020. And over the past year, the “handle” took shape.
At that point, it was simply a waiting game to see if/when price would breakout. Well, that happened this week, with MTSI moving from $69 to up over $75.
Catalysts include strong earnings and rising analyst price targets (i.e. Barclays). Traders will have to watch the breakout zone to ensure that MTSI remains a winner but so far, so good.
Could Macom Technology Solutions (MTSI) be the next big winner? Stay tuned!
This article was first written for See It Markets.com. To see the original article CLICK HERE.
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