Chipmaker Xilinx (XLNX) was trading 3% lower during the Monday morning session, after JP Morgan (JPM) downgraded the stock from to Underweight from Neutral.
The also cut their price target to $68 from $73.
More Downside Ahead For Xilinx?
Our analysis of the Xilinx stock $XLNX and market cycles on a weekly chart basis 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 a pattern that suggests a drop to around $61.
Xilinx (XLNX) Stock Chart with Weekly Bars
For an introduction to cycle analysis, check out our Stock Market Cycles video, or watch the askSlim Market Week show every Friday on our YouTube channel.
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