• Return to Headlines

Watch for Microchip Tech to Potentially Pullback After Gaining 7.41% Yesterday

By David Diaz

Microchip Tech (NASDAQ:MCHP) traded in a range yesterday that spanned from a low of $70.30 to a high of $76.00. Yesterday, the shares gained 7.4%, which took the trading range above the 3-day high of $70.98 on volume of 3.3 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 $47.81 and a high of $104.20 and are now at $74.34, which is 55% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.4%.

SmarTrend is monitoring the recent change of momentum in Microchip Tech. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Microchip Tech in search of a potential trend change.

Keywords: rebounders microchip tech

Ticker(s): MCHP