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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- 9/8/2023 -
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Cadence Design Systems (CDNS) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overbought
Daily :Stochastic has declined below the signal lineThe price has fallen below the Parabolic SAR
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It was the negative week for the Cadence Design Systems (CDNS). During the week, the CDNS dropped -5.57 points, or -2.29%, and closed at 237.99 on Friday, September 8, 2023. It was the worst weekly loss since July 28, 2023. Weekly volume was -23% below 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 uptrend had started on May 12, 2022 at 132.32 and reached 248.16 on July 20, 2023. CDNS gained -115.84 points, or -87.55%, in 62 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 149.85 and resistance is at 256.18. 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 November 4, 2022 at 138.76 and reached 248.16 on July 20, 2023. CDNS gained -109.40 points, or -78.84%, in 36 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 231.17 and resistance is at 263.74. 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. 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 link to access Williams' Percentage Range help.

The weekly MACD line is below its signal line since August 4, 2023. The distance between MACD and the signal line is low and getting smaller. 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 August 18, 2023 at 217.78 and reached 247.50 on September 6, 2023. CDNS gained -29.72 points, or -13.65%, in 19 days. The price is now at the 32.00% retracement level.

Daily Technical Indicators: [See CDNS daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Use the following link to access Lane's Stochastic help.

The daily MACD line is above its signal line since August 22, 2023. This is an indication that the short-term trend is up.

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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 68.98
Williams' Percentage Range (W%R) 20.50
Lane's Stochastic (%D-Slow) 79.73
Greed/Fear Indicator (GFI) 76.08
Moving Average Converg./Diverg. (MACD) 2.10
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.10
Williams' Percentage Range (W%R) 12.40
Overbought
Lane's Stochastic (%D-Slow) 42.44
Greed/Fear Indicator (GFI) 59.89
Moving Average Converg./Diverg. (MACD) 11.98
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 263.74
Yearly Trendline Resistance 256.18
Upper Bollinger Band 252.34
Parabolic System 247.51
Daily Stochastic Crossing 243.34
Price 237.99
50 Day Moving Average 233.69
20 Day Moving Average 232.79
Weekly Stochastic Crossing 231.96
Quarterly Trendline Support 231.17
Lower Bollinger Band 219.42
Sector and Industry
Description Name Rank
Sector Information Technology 11
Industry Application Software 93
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 247.50
High Date 09/06/2023
Low 235.83
Low Date 09/07/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 217.78
Low Date 08/18/2023
High 247.50
High Date 09/06/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 248.16
High Date 07/20/2023
Low 217.78
Low Date 08/18/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 263.74
Support 231.17
Low 138.76
Low Date 11/04/2022
High 248.16
High Date 07/20/2023
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 256.18
Support 149.85
Low 132.32
Low Date 05/12/2022
High 248.16
High Date 07/20/2023
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.