Stock Chart Analysis XLNX
Xilinx, Inc. (Public, NASDAQ:XLNX)
XLNX is looking very interesting here for a few reasons. The daily chart is interesting because it recently broke out and has now pulled back to test the breakout area. While I prefer for it to not pull back 100%, there are other compelling reasons to watch this stock. If you pull up a weekly chart (sorry, I'm short of time and can't post it) you can clearly see it broke over a trendline that was acting as resistance. It also acted as the neckline for a large reverse head and shoulders bottom and this pullback it resting squarely on that neckline. If XLNX can hold this area a few more days and then turn higher, then I think a major bottom will be in.
Good Trading,
Joey
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