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SmarTrend Watching for Potential Pullback in Shares of Microchip Tech After 1.80% Gain

By Amy Schwartz

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.

In the past 52 weeks, shares of Microchip Tech have traded between a low of $53.15 and a high of $112.47 and are now at $85.27, which is 60% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.5% while the 200-day MA has slid 0.2%.

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