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Uptrend ExhaustionArchive
- 4/26/2024 -
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Synopsys (SNPS) Technical Analysis
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| Summary:
| | Weekly : | | Daily : 
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| | It was a first positive week for the Synopsys (SNPS). During the week, the SNPS gained 32.95 points, or 6.45%, and closed at 543.66 on Friday, April 26, 2024. Weekly volume was 15% above average.
 Long-term trend: [See SNPS long-term trend chart]
A long-term uptrend had started on May 12, 2022 at 255.02 and reached 629.38 on February 22, 2024. SNPS gained -374.36 points, or -146.80%, in 93 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 530.20 and resistance is at 651.46. 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 SNPS medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 267.00 and reached 629.38 on February 22, 2024. SNPS gained -362.38 points, or -135.72%, in 71 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (567.01) 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 medium-term trend.
 Weekly Technical Indicators: [See SNPS weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since March 28, 2024. The distance between MACD and the signal line is near its high and getting bigger. Use the following link to access a MACD help.
 Short-term trend: [See SNPS short-term trend chart]
A short-term downtrend had started on March 21, 2024 at 616.54 and reached 508.19 on April 19, 2024. SNPS lost 108.35 points, or 17.57%, in 29 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 486.87 and resistance is at 550.35. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.
Daily Technical Indicators: [See SNPS daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish 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 daily MACD line is below its signal line since March 26, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.
The price is close to 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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