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Watch for Microchip Tech to Potentially Rebound After Falling 2.42% Yesterday

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.

Microchip Tech share prices have moved between a 52-week high of $111.70 and a 52-week low of $73.25 and are now trading 48% above that low price at $108.08 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.5%.

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