NXP Semiconductors N.V. - (NXPI) - February 1, 2023 (Daily Stock Report)

by SIACharts.com

NXP Semiconductors (NXPI) struggled relative to other members of the SIA NASDAQ 100 Index report through the second half of 2022. This year, it has caught fire and soared up the relative strength rankings, returning to the Green Favored Zone for the first time since June. Yesterday, it finished in 26th place, up 3 spots on the day and up 26 positions in the last month.

A new recovery trend appears to be getting underway in NXP Semiconductor (NXPI) shares. This week’s breakout over $180.00 on volume adding to last month’s breakaway gap that snapped a downtrend line has completed a bullish Head and Shoulders bottom pattern. A recent Golden Cross of the 50-day average over the 200-day average also confirms renewed accumulation.

Potential resistance could initially emerge near the $200.00 round number, followed by $210.00 and $230.00 where measured moves align with previous peaks. Initial support appears near $170.00.

A major breakout is underway in NXP Semiconductor (NXPI) shares. A steady downtrend that played out over 2022 bottomed out in October, but is was only in January that a new recovery trend commenced with a breakout over $175.00 that completed a bullish Triple Top pattern and snapped a downtrend line, Since then, the shares have remained under accumulation with the current advance extending into a bullish High Pole.

Initial upside resistance may emerge near $194.50 based on previous highs dating back to last spring, then the $200.00 round number. Horizontal counts suggest potential resistance tests near $206.45 or $219.10. Initial support appears near $169.35 based on a 3-box reversal.

With a bullish SMAX score of 9, NXPI is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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