Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Xilinx Update

Published 04/23/2021, 01:48 PM
Updated 07/09/2023, 06:31 AM

Xilinx Daily Chart.

Xilinx Inc (NASDAQ:XLNX) is setting up well for a fresh rally leg. The stock’s steep pullback off the January highs reached major support in early March. Shares have been steadily rebounding since. We consider the stock a fairly low-risk buy near current levels.

At last month’s low XLNX had retraced roughly 50% of its powerful rally off the March 2020 lows. This steep pullback drove the stock into a deeply oversold reading.

The 50-day moving average has held this week’s low, which is solid footing.

A key near-term hurdle for the stock is last week’s high ($131.65). Once cleared, XLNX will have pierced a key overhead trendline.

On the downside, a close back below $122.00 would violate the April lows, indicating more basing is ahead.

Of note: Advanced Micro Devices Inc (NASDAQ:AMD) is set to announce earnings next week (4/27). XLNX is set to announce earnings (5/4).

Note: We have no position.

You can read Gary S. Morrow's original post here.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.