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Archive
- 4/5/2024 -
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Synopsys (SNPS) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a first positive week for the Synopsys (SNPS). During the week, the SNPS climbed 3.95 points, or 0.69%, and closed at 575.45 on Friday, April 5, 2024. Weekly volume was -23% below average.
SNPS 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 SNPS long-term trend chart]
A long-term uptrend had started on May 12, 2022 at 255.02 and reached 629.38 on February 22, 2024. SNPS gained -374.36 points, or -146.80%, in 93 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 532.05 and resistance is at 602.78. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a long-term trend.
 Medium-term trend: [See SNPS medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 267.00 and reached 629.38 on February 22, 2024. SNPS gained -362.38 points, or -135.72%, in 71 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 548.51 and resistance is at 633.59. 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 SNPS weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.
 Short-term trend: [See SNPS short-term trend chart]
A short-term downtrend had started on March 21, 2024 at 616.54 and reached 563.63 on April 2, 2024. SNPS lost 52.91 points, or 8.58%, in 12 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Daily Technical Indicators: [See SNPS daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since March 26, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term downtrend is getting stronger.
During the last week, the price has moved above 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.
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