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Possible Bearish Inside Day Candle Pattern Detected for Microchip Tech (NASDAQ:MCHP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Microchip Tech (NASDAQ:MCHP) based on the price action in the company's shares. Today's price range of $74.39 and $75.70 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Microchip Tech may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Microchip Tech (NASDAQ:MCHP) has potential upside of 48.5% based on a current price of $75.14 and analysts' consensus price target of $111.56. The stock should run into initial resistance at its 50-day moving average (MA) of $86.60 and subsequent resistance at its 200-day MA of $92.96.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear and mixed-signal, power management, and thermal management products.

Microchip Tech share prices have moved between a 52-week high of $112.47 and a 52-week low of $53.15 and are now trading 41% above that low price at $75.14 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 2.4%.

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: bearish inside day candle microchip tech

Ticker(s): MCHP