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Downtrend Broken Resist.Archive
- 11/8/2024 -
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Cadence Design Systems (CDNS) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was a second consecutive positive week for the Cadence Design Systems (CDNS). During the week, the CDNS gained 19.80 points, or 7.03%, and closed at 301.30 on Friday, November 8, 2024. Weekly volume was 12% above average.
CDNS is a member of Information Technology Sector. Information Technology is the 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 June 20, 2024 at 328.99 and reached 241.29 on August 5, 2024. CDNS lost 87.70 points, or 26.66%, in 6 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (253.59) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. CDNS may retest the broken resistance line. It is considered to be a support line now. 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 August 5, 2024 at 241.29 and reached 305.00 on November 6, 2024. CDNS gained -63.71 points, or -26.40%, in 13 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (248.34) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 medium-term trend.
 Weekly Technical Indicators: [See CDNS weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.
 Short-term trend: [See CDNS short-term trend chart]
A short-term uptrend had started on October 22, 2024 at 246.60 and reached 305.00 on November 6, 2024. CDNS gained -58.40 points, or -23.68%, in 15 days. The price is now at the 6.34% retracement level.
 Daily Technical Indicators: [See CDNS daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and Lane's Stochastic. Daily Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 daily MACD line is above its signal line since October 28, 2024. This is an indication that the short-term trend is up.
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