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SmarTrend Watching for Potential Pullback in Shares of Microchip Tech After 1.78% Gain

By Nick Russo

Microchip Tech (NASDAQ:MCHP) traded in a range yesterday that spanned from a low of $96.76 to a high of $97.30. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $95.97 on volume of 1.4 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 Tech has traded in a range of $60.70 to $104.20 and is now at $97.30, 60% above that low. The 200-day and 50-day moving averages have moved 0.05% higher and 0.97% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Microchip Tech and will alert subscribers who have MCHP in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders microchip tech

Ticker(s): MCHP