Momentum Continues In Maxim Integrated Products Inc. (NASDAQ:MXIM)

Boston, MA, 04/22/2014  (usastockreport) –   Maxim Integrated Products Inc. (NASDAQ:MXIM) sustained its upward momentum after a buy signal by various analysts keeping an eye on the stock. The stock received Hold rating by at least 9 analysts reported; another 9 analysts gave a buy signal for the stock.

Maxim Integrated Products Inc. (NASDAQ:MXIM) managed to edge up a little on Monday after making healthy gains on Thursday. The stock rather remained flat and closed at $32.22 with a total gain of 0.44%.

The stock broke its resistance level of $32.06 which is also its 50 day moving average; this implies the stock might have gained a strong upward momentum.

The momentum indicators on the daily charts suggest an upward turn in the making, the curve is turning upwards after brushing the zero level. This indicates the stock might see more upside in the next trading sessions.

The relative strength index for the stock also saw a sharp upward turn indicating a strong buying in the stock, this shows the stock has a strong upward trend and could see the stock gain back its previous week’s losses.

On a bigger time frame, the weekly charts suggest the stock is closing in on the overbought zone, this suggests the stock might correct a little after a small rally.

On an upside the stock has a trend line resistance around $33.78 levels the stock might see some correction after hitting this level, on the downside the stock has its first support around $31.35 levels. A downward breakout from these levels could see the stock slide to $27.42

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Maxim Integrated Products Inc. (NASDAQ:MXIM) stock got upgraded by many analysts to a rating of “Buy”. Analysts of ISI group set their rating for the stock to “neutral” with a price target of $36. On a different report by MKM group’s analysts, the stock received a further increase in the target price to $36.20.

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