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!