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After Yesterday's Rally of 1.27% Shares Could Potentially Pullback

By Amy Schwartz

Microchip Technology (NASDAQ:MCHP) traded in a range yesterday that spanned from a low of $81.70 to a high of $82.86. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $82.36 on volume of 703,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of Microchip Technology on January 23rd, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $66.79. Since that recommendation, shares of Microchip Technology have risen 22.3%. We continue to monitor MCHP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, shares of Microchip Technology have traded between a low of $28.92 and a high of $82.86 and are now at $82.74, which is 186% 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%.

Keywords: rebounders microchip technology

Ticker(s): MCHP