• 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 $92.78 and $92.78 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.

Potential upside of 20.2% exists for Microchip Tech, based on a current level of $92.78 and analysts' average consensus price target of $111.56. The stock should discover initial support at its 50-day moving average (MA) of $85.62 and subsequent support at its 200-day MA of $81.38.

In the past 52 weeks, shares of Microchip Tech have traded between a low of $60.70 and a high of $104.20 and are now at $92.78, which is 53% above that low price. The 200-day and 50-day moving averages have moved 0.32% higher and 0.58% lower over the past week, respectively.

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.

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 $84.09. Since that recommendation, shares of Microchip Tech have risen 10.5%. We continue to monitor MCHP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle microchip tech

Ticker(s): MCHP