4 consecutive higher highs and an outside bar pattern drawn on Xilinx daily chart. Watch volumes before open long o short positions.
Xilinx yesterday close was at 51.99 (+0.81%). Marked a series of 4 consecutive higher highs. For intraday trading session the technical view is positive and leaves assume the up-trend continuation. However, we can’t exclude retracements towards the most significant support levels. The major oscillators confirm the upward trend. An outside bar pattern drawn on daily chart. Watch volumes before open long o short positions.
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Simple Moving Average (SMA)
The price is above the 14 days moving average (SMA value is 50.12). The short term view is strongly bullish.
Daily chart shows volume is higher than the previous day. This could be a sign of a significant move to come.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 09/08/2016.
Performance: 7 trading days= +1.54% – 15 trading days= +8.13% – 30 trading days= +16.18%
Resistance levels: R1= 52.38 – R2= 52.76 – R3= 53.63
Pivot Point: 51.89
Support levels: S1= 51.51 – S2= 51.02 – S3= 50.15
Buying opportunity above 52.11, targets minor resistance at 52.77 and perhaps as far as strong resistance at 53.22, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 54.38.
Selling opportunity below 51.75, targets minor support at 51.09 and perhaps as far as strong support at 50.64, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 49.49.