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Silicon Motion Technology Looks to Continue to Trade Above its Annual-High Share Price Today

By David Diaz

Silicon Motion Technology (NASDAQ:SIMO) traded today at a new 52-week high of $55.28. Approximately 111,000 shares have changed hands today, as compared to an average 30-day volume of 672,000 shares.

Silicon Motion Technology (NASDAQ:SIMO) is currently priced 33.2% above its average consensus analyst price target of $36.75. Silicon Motion Technology shares have support at the 50-day moving average (MA) of $37.13 and additional support at the 200-day MA of $31.17.

Over the past year, Silicon Motion Technology has traded in a range of $20.01 to $55.28 and is now at $55.04, 175% above that low. The 200-day and 50-day moving averages have moved 0.61% higher and 1.44% higher over the past week, respectively.

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.

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 73.3%. 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