• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Microchip Tech (NASDAQ:MCHP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Microchip Tech (NASDAQ:MCHP) based on the price action in the company's shares. Today's price range of $72.84 and $73.86 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Microchip Tech may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 53.2% for shares of Microchip Tech based on a current price of $72.84 and an average consensus analyst price target of $111.56. Microchip Tech shares should first meet resistance at the 50-day moving average (MA) of $74.41 and find additional resistance at the 200-day MA of $87.54.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear and mixed-signal, power management, and thermal management products.

In the past 52 weeks, shares of Microchip Tech have traded between a low of $47.81 and a high of $104.20 and are now at $72.84, which is 52% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.7% while the 200-day MA has slid 0.6%.

SmarTrend is monitoring the recent change of momentum in Microchip Tech. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Microchip Tech in search of a potential trend change.

Keywords: bearish inside day candle microchip tech

Ticker(s): MCHP