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Microchip Tech Set to Possibly Pullback After Yesterday's Rally of 2.35%

By Amy Schwartz

Microchip Tech (NASDAQ:MCHP) traded in a range yesterday that spanned from a low of $82.60 to a high of $83.29. Yesterday, the shares gained 2.4%, which took the trading range above the 3-day high of $82.42 on volume of 1.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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.

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 58% above that low price at $83.98 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 3.6%.

Keywords: rebounders microchip tech

Ticker(s): MCHP