The Greedy Trader Weekly Analysis
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Uptrend Exhaustion

Uptrend Exhaustion stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Exhaustion alert indicates that long term uptrend is exhausted and probability of long term trend reversal is high. Uptrend exhaustion stock market alert presents relatively low to medium risk - high reword stock pick for overvalued stocks.

The strategy is based on selling (or taking a short) position on anticipation of uptrend reversal.

Uptrend Exhaustion

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- 5/17/2024 -
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Cadence Design Systems (CDNS) Technical Analysis

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Summary:
Weekly :Broken trend support lineLane's Stochastic is oversold
Daily :Price is near the Fibonacci 23.6% retracement levelThe Bollinger Bands are historically close together
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It was a second consecutive positive week for the Cadence Design Systems (CDNS). During the week, the CDNS climbed 1.33 points, or 0.46%, and closed at 288.81 on Friday, May 17, 2024. Weekly volume was -16% below average.

Long-term trend: [See CDNS long-term trend chart]
A long-term uptrend had started on November 4, 2022 at 138.76 and reached 327.36 on March 21, 2024. CDNS gained -188.60 points, or -135.92%, in 71 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (302.94) 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 long-term trend.

Medium-term trend: [See CDNS medium-term trend chart]
A medium-term downtrend had started on March 21, 2024 at 327.36 and reached 270.39 on May 2, 2024. CDNS lost 56.97 points, or 17.40%, in 6 weeks. The price is now at the 32.33% retracement level.

Weekly Technical Indicators: [See CDNS weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Lane's Stochastic. 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 Lane's Stochastic help.

The weekly MACD line is below its signal line since April 12, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is near its high, but getting smaller. It indicates that the current medium-term downtrend is still strong, and momentum is beginning to wane. 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 2, 2024 at 270.39 and reached 294.74 on May 16, 2024. CDNS gained -24.35 points, or -9.01%, in 14 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance 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. This is an indication that the short-term trend is up.

The distance between the Bollinger Bands (6.54%) is close to one year low (6.81%). 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) 57.13
Williams' Percentage Range (W%R) 22.90
Lane's Stochastic (%D-Slow) 68.17
Greed/Fear Indicator (GFI) 67.46
Moving Average Converg./Diverg. (MACD) -3.89
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 41.76
Williams' Percentage Range (W%R) 50.60
Lane's Stochastic (%D-Slow) 19.62
Oversold
Greed/Fear Indicator (GFI) 38.47
Moving Average Converg./Diverg. (MACD) 13.30
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 342.25
Quarterly Trendline Support 302.94
50 Day Moving Average 297.46
Upper Bollinger Band 296.76
Daily Stochastic Crossing 290.42
Price 288.81
Parabolic System 285.71
20 Day Moving Average 282.89
Weekly Stochastic Crossing 280.72
Lower Bollinger Band 277.90
Sector and Industry
Description Name Rank
Sector Information Technology 4
Industry Application Software 29
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 282.10
Low Date 05/14/2024
High 294.74
High Date 05/16/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 270.39
Low Date 05/02/2024
High 294.74
High Date 05/16/2024
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
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 342.25
Support 302.94
Low 138.76
Low Date 11/04/2022
High 327.36
High Date 03/21/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
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.