Microchip Technology's shares plummeted by 14% on Thursday, leading the decline in chip stocks following a broad post-rally sell-off of U.S. equities. This week, trading volume has been the highest since February 2017 as investors speculate on the chipmaker's next move. It is advisable for investors to keep an eye on key support levels at around $34 and $30 on Microchip's chart, while also monitoring significant resistance levels near $50 and $56.