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Uptrend ExhaustionArchive
- 4/5/2024 -
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Cadence Design Systems (CDNS) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the Cadence Design Systems (CDNS). During the week, the CDNS dropped -3.26 points, or -1.05%, and closed at 308.02 on Friday, April 5, 2024. Weekly volume was -30% below average.
CDNS is a member of Information Technology Sector. Information Technology is the second 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 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 price is near the trend resistance line (308.20). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.
 Medium-term trend: [See CDNS medium-term trend chart]
A medium-term uptrend had started on August 18, 2023 at 217.78 and reached 327.36 on March 21, 2024. CDNS gained -109.58 points, or -50.32%, in 30 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 274.00 and resistance is at 324.08. 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 medium-term trend.
 Weekly Technical Indicators: [See CDNS weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since January 12, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 March 21, 2024 at 327.36 and reached 303.53 on April 2, 2024. CDNS lost 23.83 points, or 7.28%, in 12 days. The price is now at the 18.84% retracement level.
Daily Technical Indicators: [See CDNS daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since March 26, 2024. This is an indication that the short-term trend is down.
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 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.
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