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After Yesterday's Rally of 2.69% Shares Could Potentially Pullback

By Shiri Gupta

Microchip Technology (NASDAQ:MCHP) traded in a range yesterday that spanned from a low of $77.67 to a high of $80.20. Yesterday, the shares gained 2.7%, which took the trading range above the 3-day high of $76.48 on volume of 3.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Microchip Technology has traded in a range of $28.92 to $80.20 and is now at $78.31, 171% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.0%.

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 14.5%. We continue to monitor MCHP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders microchip technology

Ticker(s): MCHP