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Possible Bullish Inside Day Candle Pattern Detected for NXP Semiconductors (NASDAQ:NXPI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in NXP Semiconductors (NASDAQ:NXPI) based on the price action in the company's shares. Today's price range of $83.56 and $84.73 is within yesterday'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. Traders and investors interested in shares of NXP Semiconductors may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking. NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

Potential upside of 22.4% exists for NXP Semiconductors, based on a current level of $84.00 and analysts' average consensus price target of $102.86. The stock should discover initial support at its 200-day moving average (MA) of $82.95 and subsequent support at its 50-day MA of $81.19.

NXP Semiconductors share prices have moved between a 52-week high of $114.00 and a 52-week low of $61.61 and are now trading 36% above that low price at $84.00 per share. The 200-day and 50-day moving averages have moved 0.15% lower and 1.66% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of NXP Semiconductors on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $75.07. Since that recommendation, shares of NXP Semiconductors have risen 10.9%. We continue to monitor NXPI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle nxp semiconductors

Ticker(s): NXPI