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Microchip Technology (MCHP) Breaks Through Resistance at $33.44

Published on Fri, 01/25/2013 - 10:39
By Mallory Stone

Microchip Technology (NASDAQ:MCHP) has opened bullishly above the pivot of $33.20 today and has reached the first level of resistance at $33.44. Analysts will be watching for a cross of the next upside pivot targets of $33.63 and $34.06.

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 16% above that low price at $33.45 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

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.

Microchip Technology has overhead space with shares priced $33.45, or 5.0% below the average consensus analyst price target of $35.20. The stock should find initial support at its 200-day moving average (MA) of $32.77 and further support at its 50-day MA of $31.67.

By Mallory Stone
mstone@fnno.com