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Possible Bearish Inside Day Candle Pattern Detected for Xilinx Inc (NASDAQ:XLNX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Xilinx Inc (NASDAQ:XLNX) based on the price action in the company's shares. Yesterday's price range of $87.57 and $90.39 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Xilinx Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Xilinx Inc share prices have been bracketed by a low of $62.27 and a high of $91.17 and closed yesterday at $87.92, 41% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.9%.

Xilinx, Inc. designs, develops, and markets complete programmable logic solutions. The Company's solutions include advanced integrated circuits, software design tools, predefined system functions delivered as cores of logic, and field engineering support. Xilinx sells its products through several channels of distribution to customers in the United States and overseas.

Xilinx Inc (NASDAQ:XLNX) defies analysts with a current price ($87.92) 15.3% above its average consensus price target of $74.50. The stock should find initial support at its 50-day moving average (MA) of $79.91 and further support at its 200-day MA of $72.61.

SmarTrend recommended that subscribers consider buying shares of Xilinx Inc on October 30th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $80.71. Since that recommendation, shares of Xilinx Inc have risen 12.2%. We continue to monitor XLNX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle xilinx inc

Ticker(s): XLNX