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XLNX unable to break through key resistance level


Technical Analysis Report for XLNX - May 17, 2018 [1 min read]
Highlights
XLNX unable to break through key resistance level
XLNX closes higher for the 2nd day in a row
XLNX pushes through previous session high
XLNX rises to highest close since March 29th
XLNX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, XLNX ended Thursday at 71.47 gaining $0.48 (0.68%). Today's closing price of 71.47 marks the highest close since March 29th. Closing above Wednesday's high at 71.02, the share confirms its breakout through the prior session's high having traded $0.87 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for XLNX
Volatility

Thursday's trading range was $1.10 (1.55%), that's below last trading month's daily average range of $1.45. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 71.89, Xilinx Inc closed below it after spiking as high as 71.89 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying might speed up should prices move above the nearby swing high at 71.89 where further buy stops could get activated. Further buying might move prices higher should the market test April's close-by high at 72.45.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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