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

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.

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