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Shares of Silicon Motion Technology Has Risen Above Previous 52-Week High

By Nick Russo

Shares of Silicon Motion Technology (NASDAQ:SIMO) traded at a new 52-week high today of $56.21. Approximately 96,000 shares have changed hands today, as compared to an average 30-day volume of 672,000 shares.

Silicon Motion Technology Corporation is a semiconductor company that designs, develops, and markets semiconductor products for the multimedia consumer electronics market. The Company's products include controllers used in mobile storage media and multimedia systems on a chip.

Over the past year, Silicon Motion Technology has traded in a range of $20.01 to $56.21 and is now at $55.68, 178% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.4%.

Based on a current price of $55.68, Silicon Motion Technology is currently 34.0% above its average consensus analyst price target of $36.75. The stock should find initial support at its 50-day moving average (MA) of $37.13 and further support at its 200-day MA of $31.17.

SmarTrend recommended that subscribers consider buying shares of Silicon Motion Technology on February 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.28. Since that recommendation, shares of Silicon Motion Technology have risen 78.0%. We continue to monitor SIMO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows silicon motion technology

Ticker(s): SIMO