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.
Relative strength index- rsi indicator and overbought oversold index.
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RSI divergence - Bullish Bearish.
rsi divergence,Bullish,Bearish,bullish stocks,Bullish Divergence,Bearish Divergence,stock market

Cadence Design Systems (CDNS)

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergence
Daily :Williams' Percentage Range is overboughtThe price is above the upper Bollinger Band
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It was a second positive week after 4 consecutive negative weeks for the Cadence Design Systems (CDNS). During the week, the CDNS gained 11.62 points, or 5.36%, and closed at 228.33 on Friday, May 26, 2023. Weekly volume was 37% 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 uptrend had started on November 4, 2022 at 138.76 and reached 232.12 on May 26, 2023. CDNS gained -93.36 points, or -67.28%, in 29 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 201.60 and resistance is at 231.59. 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 long-term trend.

Medium-term trend: [See CDNS medium-term trend chart]
A medium-term uptrend had started on April 25, 2023 at 194.01 and reached 232.12 on May 26, 2023. CDNS gained -38.11 points, or -19.64%, in 4 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (204.39) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic and MACD 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 weekly MACD line is above its signal line since January 6, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. 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 May 24, 2023 at 203.13 and reached 232.12 on May 26, 2023. CDNS gained -28.99 points, or -14.27%, in 2 days. The price is now at the 13.07% retracement level.

Daily Technical Indicators: [See CDNS daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range.

The daily MACD line is above its signal line since May 17, 2023. This is an indication that the short-term trend is up.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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) 69.55
Williams' Percentage Range (W%R) 17.60
Overbought
Lane's Stochastic (%D-Slow) 60.87
Greed/Fear Indicator (GFI) 70.92
Moving Average Converg./Diverg. (MACD) 0.77
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.64
Williams' Percentage Range (W%R) 7.60
Strong Overbought
Lane's Stochastic (%D-Slow) 59.70
Bearish
Greed/Fear Indicator (GFI) 71.26
Moving Average Converg./Diverg. (MACD) 10.71 Bearish
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 231.59
Price 228.33
Upper Bollinger Band 225.50
Monthly Trendline Resistance 221.70
Daily Stochastic Crossing 220.20
Weekly Stochastic Crossing 216.32
50 Day Moving Average 209.09
20 Day Moving Average 208.50
Monthly Trendline Support 204.39
Parabolic System 204.09
Quarterly Trendline Support 201.60
Lower Bollinger Band 195.84
Sector and Industry
Description Name Rank
Sector Information Technology 12
Industry Application Software 111
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 203.13
Low Date 05/24/2023
High 232.12
High Date 05/26/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 203.13
Low Date 05/24/2023
High 232.12
High Date 05/26/2023
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 221.70
Support 204.39
Low 194.01
Low Date 04/25/2023
High 232.12
High Date 05/26/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 231.59
Support 201.60
Low 138.76
Low Date 11/04/2022
High 232.12
High Date 05/26/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 132.32
Low Date 05/12/2022
High 232.12
High Date 05/26/2023
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.

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