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