XLNX is now at a its previous high which is a strong resistance. Today we saw a spinning top kind of candle with longer high and lower shadow and small body of candle. This candle is followed by a two strong green candle. Spinning top near its strong resistance at 68.77 is an indicate of confusion between bulls and bears and could be a wait and watch situation. Next few session will decide if XLNX is going to be long or short. Breakout above 68.77 will be a long while if we observe any bearish sign will be a short. Using Ichimoku technique; price and lagging line are both above cloud along with red cloud turning to green showing positive sign this time. We need to wait for next few session to make a decision
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On 18th XLNX closed above resistance zone. On 19th it stayed back with slightly higher close. One can take LONG position now with Stop Loss of 65.33 (previous resistance becomes support, in case of pullback I have kept it 5% lower than 67.88). We might see a pull back to 68.77. If stock sustains pullback and bounce back; it will be a very good profit taking opportunity this time.
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As mentioned in my previous comment of Sept 20th, pullback is expected. prince after breakout is being pulled back around support zone now. After two red candle on 20th and 21st September on 22nd we saw strong green candle and now doji. Looks like stock is about to bounce back and big move expected.
Caution: Please keep stop loss in mind in case we are proven wrong by Market Almighty!
Caution: Please keep stop loss in mind in case we are proven wrong by Market Almighty!
Trade active:
I recommended BUY on 20th price was 69.5. Stock is now heading upwards after small expected pull back. Near term target is 77 using Point & Figure Method
One can increase stop loss to protect capital now to 68.77
One can increase stop loss to protect capital now to 68.77