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Watch for Continued Gains in Shares of Silicon Motion Technology (SIMO)

By Amy Schwartz

Silicon Motion Technology (NASDAQ:SIMO) traded today at a new 52-week high of $48.27. So far today approximately 67,000 shares have been exchanged, 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.

Silicon Motion Technology (NASDAQ:SIMO) is currently priced 23.9% 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.

In the past 52 weeks, shares of Silicon Motion Technology have traded between a low of $20.01 and a high of $48.27 and are now at $48.27, which is 141% above that low price. Over the past week, 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 52.8%. 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