SNPS climbs to highest close ever
Synopsys Inc. (SNPS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
SNPS finished the month 7.79% higher at 195.00 after gaining $5.28 (2.78%) today, outperforming the Nasdaq 100 (1.96%). Today's close at 195.00 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 192.85, the share confirmed its breakout through the prior session high after trading up to $3.13 above it intraday.
Daily Candlestick Chart (SNPS as at Jun 30, 2020):
Tuesday's trading range has been $7.62 (4.04%), that's above the last trading month's daily average range of $6.20. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SNPS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 22nd, SNPS actually lost -0.21% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 197.66 where further buy stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Synopsys. Out of 455 times, SNPS closed higher 52.97% 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 63.74% with an average market move of 0.96%.