XLNX closes within previous day's range after lackluster session
Xilinx Inc. (XLNX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, XLNX ended the week 5.31% higher at 90.17 after losing $0.24 (-0.27%) today, underperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (XLNX as at Feb 14, 2020):
Friday's trading range has been $1.63 (1.79%), that's below the last trading month's daily average range of $2.26. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for XLNX.
Prices are trading close to the key technical support level at 89.04 (S1). Prices are trading close to the key technical resistance level at 91.88 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 92.24 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 88.89 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Xilinx. Out of 298 times, XLNX closed higher 57.38% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.03% with an average market move of 0.88%.