Microchip Technology Bearish Moving Average Crossover Alert (MCHP)
Today, shares of Microchip Technology (NASDAQ:MCHP) have fallen below their 10-day MA of $55.42 on a volume of 252K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
Over the past year, Microchip Technology has traded in a range of $28.92 to $58.74 and is now at $55.05, 90% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.0%.
SmarTrend recommended that subscribers consider buying shares of Microchip Technology on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $52.95. Since that recommendation, shares of Microchip Technology have risen 5.4%. We continue to monitor MCHP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: moving crosses microchip technology