$MCHP has been moving sideways since early February highs.
At these highs we saw Go Countertrend Correction Icons (red arrows) indicating that price may struggle to move higher in the short term. Since then, we have seen GoNoGo Trend struggle to maintain “Go” bars as GoNoGo Oscillator fell to the zero line. With several amber “Go Fish” bars and the oscillator riding the zero line it was clear that a tug of war was taking place. GoNoGo Trend has for now been able to repaint aqua bars but it looks as though GoNoGo Oscillator is breaking out of a Max GoNoGo Squeeze into negative territory on heavy volume. This is a concern for the “Go” trend that is looking for support.
