CDNS unable to break through key resistance level


Cadence Design Systems (CDNS) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
CDNS unable to break through key resistance level
CDNS finds buyers again around 45.04
CDNS closes within previous day's range after lackluster session
CDNS ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

CDNS finished the week 0.96% higher at 45.20 after losing $0.13 (-0.29%) today on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CDNS
Volatility

Friday's trading range was $0.48 (1.06%), that's below last trading month's daily average range of $0.78. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 45.38, the share closed below it after spiking as high as 45.52 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 44.97 in the prior session, the stock found buyers again around the same price level today at 45.04.

Trend

Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 45.58 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 44.86 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Cadence Design Systems
Condition Forecast Direction Win Avg Worst Best Events
3 Consecutive Lower Closes TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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