The Greedy Trader Weekly Analysis
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Application Software Industry Stocks Technical Analysis - CDNS

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- 3/15/2024 -
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Cadence Design Systems (CDNS) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtStochastic signal line moved below overbought areaBroken trend resistance line
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the Cadence Design Systems (CDNS). During the week, the CDNS dropped -10.16 points, or -3.29%, and closed at 298.44 on Friday, March 15, 2024. Weekly volume was -7% below average.

CDNS is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See CDNS long-term trend chart]
A long-term downtrend had started on December 28, 2021 at 192.70 and reached 132.32 on May 12, 2022. CDNS lost 60.38 points, or 31.33%, in 19 weeks. The chart has formed a Rising Wedge chart pattern. The downtrend resistance line (156.71) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See CDNS medium-term trend chart]
A medium-term uptrend had started on November 4, 2022 at 138.76 and reached 320.78 on March 4, 2024. CDNS gained -182.02 points, or -131.18%, in 69 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 270.83 and resistance is at 302.87. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.

Weekly Technical Indicators: [See CDNS weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since January 12, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See CDNS short-term trend chart]
A short-term downtrend had started on March 4, 2024 at 320.78 and reached 298.11 on March 15, 2024. CDNS lost 22.67 points, or 7.07%, in 11 days. Price is near the trend low.

Daily Technical Indicators: [See CDNS daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.34
Williams' Percentage Range (W%R) 45.90
Lane's Stochastic (%D-Slow) 28.40
Greed/Fear Indicator (GFI) 42.94
Moving Average Converg./Diverg. (MACD) 4.79
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 61.71
Williams' Percentage Range (W%R) 17.90
Overbought
Lane's Stochastic (%D-Slow) 79.20
Greed/Fear Indicator (GFI) 72.06
Moving Average Converg./Diverg. (MACD) 16.44
Trading Signals
Description Value Chart
Parabolic System 321.10
Upper Bollinger Band 320.23
Monthly Trendline Resistance 316.54
Weekly Stochastic Crossing 312.35
20 Day Moving Average 304.92
Daily Stochastic Crossing 303.98
Quarterly Trendline Resistance 302.87
Price 298.44
50 Day Moving Average 293.85
Lower Bollinger Band 288.91
Quarterly Trendline Support 270.83
Monthly Trendline Support 269.02
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Application Software 60
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 320.78
High Date 03/04/2024
Low 298.11
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 251.94
Low Date 01/05/2024
High 320.78
High Date 03/04/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 316.54
Support 269.02
Low 217.78
Low Date 08/18/2023
High 320.78
High Date 03/04/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 302.87
Support 270.83
Low 138.76
Low Date 11/04/2022
High 320.78
High Date 03/04/2024
Description Value
Direction Down
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 200.64
Support 156.71
High 192.70
High Date 12/28/2021
Low 132.32
Low Date 05/12/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.