Microchip Tech Rises 1.90% on Heavy Volume: Watch For Potential Pullback
Oct 19, 2020 (SmarTrend(R) News Watch via COMTEX) —
Microchip Tech (NASDAQ:MCHP) traded in a range yesterday that spanned from a low of $112.61 to a high of $114.85. Yesterday, the shares gained 1.9%, which took the trading range above the 3-day high of $112.34 on volume of 145,000 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 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.
Microchip Tech share prices have moved between a 52-week high of $116.56 and a 52-week low of $53.15 and are now trading 113% above that low price at $113.08 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.9%.
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