NXPI finds buyers at key support level
NXP Semiconductors N.V. (NXPI) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, NXPI ended Thursday at 106.71 losing $2.13 (-1.96%). Closing below Wednesday's low at 106.81, the stock confirms its breakout through the prior session's low having traded $3.73 below it intraday.
Daily Candlestick Chart (NXPI as at May 17, 2018):
Thursday's trading range was $7.29 (6.64%), that's far above last trading month's daily average range of $3.19. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Despite a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.
After trading as low as 103.08 during the day, Nxp Semiconductors bounced off the key support level at 106.37. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 109.80 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 110.37.
Although NXPI is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.