CDNS closes higher for the 4th day in a row
Cadence Design Systems Inc. (CDNS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, CDNS ended the month 5.12% higher at 95.96 after gaining $1.93 (2.05%) today, slightly outperforming the Nasdaq 100 (1.96%). Today's close at 95.96 marks the highest recorded closing price ever.
Daily Candlestick Chart (CDNS as at Jun 30, 2020):
Tuesday's trading range has been $2.36 (2.5%), that's slightly below the last trading month's daily average range of $2.54. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CDNS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 22nd, CDNS gained 0.10% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Cadence Design. Out of 90 times, CDNS closed higher 54.44% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.33% with an average market move of 1.04%.