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Bearish Moving Average Cross by Microchip Tech (MCHP)

By Nick Russo

Microchip Tech (NASDAQ:MCHP) shares have crossed bearishly below their 10-day moving average of $88.93 on a volume of 247K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Microchip Tech share prices have been bracketed by a low of $60.70 and a high of $104.20 and are now at $88.78, 46% above that low price. The 200-day and 50-day moving averages have moved 0.13% higher and 0.65% lower over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Microchip Tech on June 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $84.08. Since that recommendation, shares of Microchip Tech have risen 6.3%. We continue to monitor MCHP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses microchip tech

Ticker(s): MCHP