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Watch for Microchip Tech to Potentially Pullback After Gaining 1.78% Yesterday

By David Diaz

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.

In the past 52 weeks, shares of Microchip Tech have traded between a low of $60.70 and a high of $104.20 and are now at $97.30, which is 60% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

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