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Microchip Technology (MCHP) Crosses Pivot Point Resistance at $33.75

Published on Wed, 01/30/2013 - 13:39
By Peter Chu

Shares of Microchip Technology (NASDAQ:MCHP) opened today above their pivot of $33.51 and have already reached the first level of resistance at $33.75. Analysts will be watching for a cross of the next upside pivot targets of $33.91 and $34.31.

Microchip Technology has overhead space with shares priced $33.74, or 4.1% below the average consensus analyst price target of $35.20. The stock should discover initial support at its 200-day moving average (MA) of $32.74 and subsequent support at its 50-day MA of $31.88.

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 share prices have moved between a 52-week high of $41.50 and a 52-week low of $28.92 and are now trading 17% above that low price at $33.74 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

By Peter Chu