Macom Technology Solutions (MTSI) Breaking Out of Cup & Handle Pattern

macom tech stock ticker mtsi breakout cup and handle pattern buy signal chart

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!

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Twitter:  @KimbleCharting

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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