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Microchip Tech Set to Possibly Pullback After Yesterday's Rally of 1.80%

By David Diaz

Microchip Tech (NASDAQ:MCHP) traded in a range yesterday that spanned from a low of $84.56 to a high of $86.24. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $85.54 on volume of 435,000 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 $53.15 to $112.47 and is now at $85.27, 60% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.5%.

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