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.