XLNX soars, gaining $6.43 (6.99%) within a single day on high volume
Xilinx Inc. (XLNX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XLNX finished the month 7.0% higher at 98.39 after surging $6.43 (6.99%) today on high volume, strongly outperforming the Nasdaq 100 (1.96%). This is the biggest single-day gain in over three months. The last time we've seen such an unusually strong single-day gain on April 29th, XLNX actually lost -4.69% on the following trading day. Today's close at 98.39 marks the highest recorded closing price since January 28th. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (XLNX as at Jun 30, 2020):
Tuesday's trading range has been $5.17 (5.4%), that's far above the last trading month's daily average range of $2.43. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XLNX.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Xilinx managed to close back above the 20-day moving average at 93.96 for the first time since June 23rd.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 103.74, upside momentum could accelerate should the stock be able to break out to new highs for the year.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Xilinx. Out of 425 times, XLNX closed higher 56.24% 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 56.94% with an average market move of 0.90%.