Today near the close took place a correction for some big cap stocks, but in the last 20 minutes there were a lot of buying action. Xilinx NASDAQ:XLNX was the perfect example as it dropped -3% but closed at -1.70%. This could be because is close to a support in $142, which was an ATH on 2019 that couldn't hold and then dropped hard for 14 months. Now it has gain +64% since it cross its 200 day MA and last week broke out the $142 resistance, all good news for the stock.
I don't know if the price will continue to respect the 20 day MA line but, for now it has, so it could be a good buying point. I think I'll wait until it confirms this point to buy. The price action is been divergent from its RSI for while, you can never be too careful.
I don't know if the price will continue to respect the 20 day MA line but, for now it has, so it could be a good buying point. I think I'll wait until it confirms this point to buy. The price action is been divergent from its RSI for while, you can never be too careful.