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Possible Bearish Inside Day Candle Pattern Detected for Cadence Design (NASDAQ:CDNS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cadence Design (NASDAQ:CDNS) based on the price action in the company's shares. Today's price range of $65.21 and $65.21 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cadence Design may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cadence Design (NASDAQ:CDNS) defies analysts with a current price ($65.21) 28.5% above its average consensus price target of $46.60. The stock should find initial support at its 50-day moving average (MA) of $58.92 and further support at its 200-day MA of $48.15.

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology. The Company licenses its electronic design automation software technology and provides a variety of professional services. Cadence's design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

In the past 52 weeks, Cadence Design share prices have been bracketed by a low of $36.65 and a high of $65.45 and are now at $65.21, 78% above that low price. The 200-day and 50-day moving averages have moved 0.68% higher and 1.74% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Cadence Design and will alert subscribers who have CDNS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle cadence design

Ticker(s): CDNS