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

By James Quinn

Shares of Silicon Motion Technology (NASDAQ:SIMO) traded today at $52.88, breaking its 52-week high. This new high was reached on approximately average trading volume as 700,000 shares traded hands, while the average 30-day volume is approximately 672,000 shares.

Silicon Motion Technology (NASDAQ:SIMO) is currently priced 29.0% above its average consensus analyst price target of $36.75. The stock should discover initial support at its 50-day moving average (MA) of $37.13 and subsequent support at its 200-day MA of $31.17.

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.

In the past 52 weeks, shares of Silicon Motion Technology have traded between a low of $20.01 and a high of $52.88 and are now at $51.73, which is 158% above that low price. 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%.

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 53.3%. 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