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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Xilinx (NASDAQ:XLNX) based on the price action in the company's shares. Today's price range of $44.00 and $44.77 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 Xilinx may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 5.4% for shares of Xilinx based on a current price of $44.65 and an average consensus analyst price target of $47.05. Xilinx shares should first meet resistance at the 200-day moving average (MA) of $45.62 and find additional resistance at the 50-day MA of $46.52.

Over the past year, Xilinx has traded in a range of $38.70 to $50.72 and is now at $44.65, 15% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 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.

SmarTrend is tracking the current trend status for Xilinx and will alert subscribers who have XLNX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Xilinx

Ticker(s): XLNX