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Bullish Cup and Handle Breakout Triggering for Small Cap Semi Name

by | Nov 19, 2023

MACOM Tech (MTSI) shares of the $5.9B semi and circuit maker are showing great relative strength since seeing a perfect bounce off the test of the 200-day MA late last month near 70 and now nearing a big breakout above value and likely into new 52-week highs above 85. MTSI has an explosive looking weekly and monthly chart so longer term into 2024 could be a big winner as the two-year cup and handle pattern recently triggered above 80 and has a measured move to 115 as revenue growth is set to accelerate into next year and FY25 seeing double digit sales growth. MTSI has a bullish call position in open interest from 8/23 when the Feb $80 calls were bought at $10.20 and still holding.

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