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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Microchip Technology (NASDAQ:MCHP) based on the price action in the company's shares. Yesterday's price range of $50.04 and $50.72 is within the prior day'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 Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Microchip Technology have traded between a low of $28.92 and a high of $53.17 and closed yesterday at $50.42, which is 74% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.2%.

Microchip Technology has overhead space with shares priced $50.42, or 4.2% below the average consensus analyst price target of $52.64. Microchip Technology shares have support at the 50-day moving average (MA) of $48.13 and additional support at the 200-day MA of $45.36.

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/mixed-signal, power management, and thermal management products.

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

Keywords: bearish am inside day candle microchip technology

Ticker(s): MCHP