Possible Bullish Inside Day Candle Pattern Detected for Microchip Technology (NASDAQ:MCHP)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Microchip Technology (NASDAQ:MCHP) based on the price action in the company's shares. Yesterday's price range of $48.61 and $49.54 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. Traders and investors interested in shares of Microchip Technology may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
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.
In the past 52 weeks, Microchip Technology share prices have been bracketed by a low of $28.92 and a high of $53.17 and closed yesterday at $49.36, 71% 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 (NASDAQ:MCHP) has potential upside of 6.6% based on a current price of $49.36 and analysts' consensus price target of $52.64. The stock should find initial support at its 50-day moving average (MA) of $48.13 and further support at its 200-day MA of $45.36.
SmarTrend is tracking the current trend status for Microchip Technology and will alert subscribers who have MCHP in their portfolio or watchlist when shares have changed trend direction.
Keywords: bullish am inside day candle microchip technology