NXP Tanks On Failed Merger: Here's The Trade
InTheMoneyStocks.com | Jul 26, 2018 01:07PM ET
Qualcomm (NASDAQ:QCOM) officially ended its takeover of NXP Semiconductor (NASDAQ:NXPI) after failing to get Chinese regulatory approval, which sent NXPI lower by nearly 7% to $91.63 a share. NXPI is now testing the pivot low from May 3, 2018. If it close below this key support level on a weekly basis, it will signal another leg lower for the stock.h3 Support/h3
Traders should now watch for major support around the $80, which is where it broke out in September 2016. Often, prior breakout levels will serve as excellent support for a stock when it is retested.
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