The Greedy Trader Weekly Analysis
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Daily RSI:> 70
Number of records: 10
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Relative Strength Index (RSI Indicator)

The Relative Strength Index is a popular momentum oscillator, developed by Welles Wilder, Jr. It is one of the most widely used technical indicators. Relative Strength Index compares upward vs. downward movements in closing over a selected period. The RSI Indicator fluctuates from 0% to 100%. A stock with RSI Indicator higher than 70% is considered overbought and lower than 30% - oversold. A good rule is to adjust overbought/oversold index range to 80% in bull and to 20% in bear markets. Relative Strength Index can provide an early warning, but not the final signal. It should be used in conjunction with other stock picking techniques. The divergence between RSI Indicator and underlying stock price is the most important signal provided by RSI, and it can be an indication of an impending reversal. Using the RSI divergence (bullish and bearish), chart patterns, trendlines, support, and resistance lines along with the RSI Indicator chart can be very useful.

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- 5/31/2024 -
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Cadence Design Systems (CDNS) Technical Analysis

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Summary:
Weekly :Broken trend support line
Daily :The price has fallen below the Parabolic SARThe price has declined below the moving average in the center of the Bollinger BandsThe Bollinger Bands are historically close together
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It was the negative week for the Cadence Design Systems (CDNS). During the week, the CDNS dropped -7.97 points, or -2.71%, and closed at 286.31 on Friday, May 31, 2024. Weekly volume was 45% above average.

Long-term trend: [See CDNS long-term trend chart]
A long-term uptrend had started on May 12, 2022 at 132.32 and reached 327.36 on March 21, 2024. CDNS gained -195.04 points, or -147.40%, in 97 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 159.51 and resistance is at 343.54. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See CDNS medium-term trend chart]
A medium-term uptrend had started on May 2, 2024 at 270.39 and reached 301.94 on May 23, 2024. CDNS gained -31.55 points, or -11.67%, in 3 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (299.10) is broken. A broken support is considered to be a long-term bearish 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 support in a medium-term trend.

Weekly Technical Indicators: [See CDNS weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since April 12, 2024. The distance between MACD and the signal line is relatively high, but getting smaller. 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 May 23, 2024 at 301.94 and reached 279.02 on May 31, 2024. CDNS lost 22.92 points, or 7.59%, in 8 days. The price is now at the 31.81% retracement level.

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

The daily MACD line is above its signal line since May 3, 2024. The distance between MACD and the signal line is low and getting smaller.

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 distance between the Bollinger Bands (6.04%) is close to one year low (6.54%). It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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) 48.58
Williams' Percentage Range (W%R) 62.30
Lane's Stochastic (%D-Slow) 38.84
Greed/Fear Indicator (GFI) 41.72
Moving Average Converg./Diverg. (MACD) -0.34
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.76
Williams' Percentage Range (W%R) 57.80
Lane's Stochastic (%D-Slow) 28.50
Greed/Fear Indicator (GFI) 38.23
Moving Average Converg./Diverg. (MACD) 11.40
Trading Signals
Description Value Chart
Yearly Trendline Resistance 343.54
Monthly Trendline Resistance 309.43
Parabolic System 300.29
Monthly Trendline Support 299.10
Upper Bollinger Band 298.36
50 Day Moving Average 294.68
20 Day Moving Average 288.58
Daily Stochastic Crossing 286.63
Price 286.31
Weekly Stochastic Crossing 284.65
Lower Bollinger Band 281.10
Sector and Industry
Description Name Rank
Sector Information Technology 4
Industry Application Software 29
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 301.94
High Date 05/23/2024
Low 279.02
Low Date 05/31/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 301.94
High Date 05/23/2024
Low 279.02
Low Date 05/31/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 309.43
Support 299.10
Low 270.39
Low Date 05/02/2024
High 301.94
High Date 05/23/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 327.36
High Date 03/21/2024
Low 270.39
Low Date 05/02/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 343.54
Support 159.51
Low 132.32
Low Date 05/12/2022
High 327.36
High Date 03/21/2024
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.