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Microchip Tech Set to Possibly Rebound After Yesterday's Selloff of 2.42%

By James Quinn

Microchip Tech (NASDAQ:MCHP) traded in a range yesterday that spanned from a low of $108.17 to a high of $109.40. Yesterday, the shares fell 2.4%, which took the trading range below the 3-day low of $109.34 on volume of 1.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Microchip Tech has traded in a range of $73.25 to $111.70 and is now at $108.08, 48% above that low. The 200-day and 50-day moving averages have moved 0.47% higher and 0.96% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Microchip Tech on December 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $98.34. Since that recommendation, shares of Microchip Tech have risen 12.0%. We continue to monitor MCHP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders microchip tech

Ticker(s): MCHP