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

By Amy Schwartz

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. Today's price range of $48.61 and $49.54 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. 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.

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 are now at $49.35, 71% above that low price. 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%.

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.

There is potential upside of 6.7% for shares of Microchip Technology based on a current price of $49.35 and an average consensus analyst 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 inside day candle microchip technology

Ticker(s): MCHP