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Microchip Technology (MCHP) Approaches New Downside Target of $32.73

Published on Tue, 01/08/2013 - 10:43
By Adrienne Chilton

Shares of Microchip Technology (NASDAQ:MCHP) opened today below their pivot of $33.20 and have already reached the first level of support at $32.95. Analysts will be watching for a cross of the next downside pivot targets of $32.73 and $32.26.

Microchip Technology (NASDAQ:MCHP) has potential upside of 7.2% based on a current price of $32.85 and analysts' consensus price target of $35.20. The stock should find resistance at its 200-day moving average (MA) of $32.98, as well as support at its 50-day MA of $31.34.

Microchip Technology share prices have moved between a 52-week high of $41.50 and a 52-week low of $28.92 and are now trading 14% above that low price at $32.85 per share. The 200-day and 50-day moving averages have moved 0.15% lower and 0.35% higher over the past week, respectively.

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.

By Adrienne Chilton
achilton@fnno.com