Microchip Technology Crosses Below its 10-day MA (MCHP)

Published on Wed, 03/04/2015 - 13:40
By Peter Chu in Moving average crossovers, MCHP, microchip technology, moving crosses, nasdaq:mchp

Today, shares of Microchip Technology (NASDAQ:MCHP) have fallen below their 10-day MA of $51.27 on a volume of 964K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

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/mixed-signal, power management, and thermal management products.

Over the past year, Microchip Technology has traded in a range of $28.92 to $52.44 and is now at $51.17, 77% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.2%.

There is potential upside of 4.5% for shares of Microchip Technology based on a current price of $51.17 and an average consensus analyst price target of $53.46. The stock should discover initial support at its 50-day moving average (MA) of $47.07 and subsequent support at its 200-day MA of $46.40.

By Peter Chu
pchu@fnno.com

Latest News from FNNO

Recent 52-Week High Exceeded in Shares o...

Shares of Visteon (NYSE:VC) traded today at $109.87, breaking its 52-week high. This n ...

Shares of Net 1 UEPS Technologies Rise A...

Net 1 UEPS Technologies (NASDAQ:UEPS) traded today at a new 52-week high of $14.93. So ...

Watch for Continued Losses in Shares of ...

Shares of Stein Mart (NASDAQ:SMRT) traded today at $10.81, breaking its 52-week low. A ...

Recent 52-Week High Exceeded in Shares o...

Roper Industries (NYSE:ROP) traded at a new 52-week high today of $177.64. So far toda ...

Shares of Everest Re Group Have Risen Ab...

Shares of Everest Re Group (NYSE:RE) traded at a new 52-week high today of $186.26. Ap ...

Shares of Rubicon Technology Fall Below ...

Rubicon Technology (NASDAQ:RBCN) traded today at a new 52-week low of $2.99. This new ...

Shares of Open Text Have Fallen Below Pr...

Shares of Open Text (NASDAQ:OTEX) traded today at $42.29, breaking its 52-week low. Th ...

NetApp: New 52-Week Low Set Today (NTAP)...

NetApp (NASDAQ:NTAP) traded today at a new 52-week low of $30.90. Approximately 20.8 m ...