Chart of the Day: NXP Semiconductors (NXPI)

Since NXP Semiconductors (NXPI) bottomed on March 23rd of this year, it has been steadily rising and has formed a trendline…

NXP Semiconductors (NXPI) is a leading supplier of high-performance mixed-signal products which includes self-driving and sensor equipment used in certain automobiles. NXPI also provides mobile and communications infrastructure for the Internet of Things (IoT).

The company recently reported first-quarter revenue of $2 billion. The company should benefit from the rollout of 5G networks and the adoption of mobile payments in 2020. And last week, KeyBanc raised its price target for NXPI from $120 to $130.

In the past few months, tech stocks have shown impressive strength.  The Nasdaq, the tech-heavy index, is actually not only at 52-week highs but also trading at all-time highs.

So it’s not surprising that NXPI has doubled in price since hitting its 52 week low just a few months ago.

As you can see in the chart below, NXPI has formed a clear trendline of support as shares have been rising.

Take a look at the 1-year chart of NXPI below with my added notations…

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