SNPS rises to highest close ever
Synopsys Inc. (SNPS) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, SNPS finished the week 5.88% higher at 163.35 after gaining $1.98 (1.23%) today, outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 163.35 marks the highest recorded closing price ever.
Daily Candlestick Chart (SNPS as at Feb 14, 2020):
Friday's trading range has been $2.09 (1.29%), that's far below the last trading month's daily average range of $2.86. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SNPS.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on January 16th, SNPS gained 1.45% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 154.39.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Synopsys. Out of 74 times, SNPS closed higher 56.76% 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 64.86% with an average market move of 0.50%.