CDNS ends the day on a bullish note closing near the high of the day

Cadence Design Systems (CDNS) Technical Analysis Report for Apr 16, 2018

Highlights

CDNS finds buyers at key support level
CDNS ends the day on a bullish note closing near the high of the day
CDNS finds buyers again around 37.23
CDNS rises to highest close since March 21st
CDNS stuck within tight trading range

TQ Sentiment

Report Sentiment: 37% Bullish
Technical Forecast:

Overview

CDNS ended Monday at 37.54 edging higher $0.24 (0.64%) on low volume. Today's closing price of 37.54 marks the highest close since March 21st. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for CDNS

Volatility

Monday's trading range was $0.36 (0.96%), that's far below last trading month's daily average range of $0.98. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 36.78 and 37.78 which it has been in now for the last three days.

Price Action

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

Support/Resistance

After trading as low as 37.23 during the day, the stock bounced off the key support level at 37.28. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 37.16 in the previous session, Cadence Design found buyers again around the same price level today at 37.23.

Trend

Though the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could speed up should prices move above the nearby swing high at 37.78 where further buy stops might get activated. With prices trading close to this year's low at 35.49, downside momentum could accelerate should the share break out to new lows for the year.

Conclusion

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

Market Conditions for Cadence Design Systems

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