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

By Shiri Gupta

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 $53.07 and $53.53 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.

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.

Based on a current price of $53.37, Xilinx is currently 11.8% above its average consensus analyst price target of $47.05. The stock should discover initial support at its 50-day moving average (MA) of $46.52 and subsequent support at its 200-day MA of $45.62.

In the past 52 weeks, Xilinx share prices have been bracketed by a low of $38.70 and a high of $55.49 and are now at $53.37, 38% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

SmarTrend recommended that subscribers consider buying shares of Xilinx on May 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $46.40. Since that recommendation, shares of Xilinx have risen 14.4%. We continue to monitor XLNX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Xilinx

Ticker(s): XLNX