Xilinx (XLNX) reported quarterly earnings on 1/28/2020. The company reported EPS of $0.68, which beat consensus estimates of $0.62. Revenues came in at $723M, which missed consensus estimates of $725.7M. The company forecasted revenue in the range of $750 – 780M in Q4, which was below the $822M consensus estimates. The company announced they are laying off 7% of their workforce in response to “revenue headwinds.” Let’s see what the charts tell us.

Xilinx (XLNX) Weekly Chart – annotations by askSlim.com

At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

 

askSlim.com Technical Briefing: XLNX has a very negative intermediate-term cycle configuration and negative weekly momentum. These conditions will likely to limit any upside in the stock in the near-term.

On the upside, there is a falling intermediate-term Fibonacci resistance at 98.28 followed by another zone of resistance between 104.92115.64. On the downside, there is a major Fibonacci support at 79.25. Our analysis suggests that for the bulls to regain control of the intermediate-term, we would likely need to see a weekly close above 115.64.

 

askSlim.com Sum of the Evidence: XLNX has a very negative weekly cycle configuration that suggests that rallies will be limited to the intermediate-term Fibonacci resistances beginning at 98.28. The next projected intermediate-term low is due between the end of February and the end of March.

 

 

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