XLNX: Diamond Pattern Suggests More Downside
Steve Miller | Apr 06, 2018 11:19AM ET
Chipmaker Xilinx (NASDAQ:XLNX) was trading 3% lower during the Monday morning session, after JP Morgan (NYSE:JPM) downgraded the stock from to Underweight from Neutral with a cut to the price target from $68 from $73.
Our analysis of the XLNX market cycles on the weekly chart below yields a similar conclusion. The declining phase of the current market cycle ends in May-June 2018. We also note the unusual "diamond top" with patterns suggesting a drop to around $61.
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