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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 $72.37 and $72.62 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 ($72.62) 35.8% above its average consensus price target of $46.60. Cadence Design shares have support at the 50-day moving average (MA) of $66.76 and additional support at the 200-day MA of $53.13.

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.

Cadence Design share prices have moved between a 52-week high of $73.09 and a 52-week low of $39.08 and are now trading 86% above that low price at $72.62 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.9%.

SmarTrend is monitoring the recent change of momentum in Cadence Design. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cadence Design in search of a potential trend change.

Keywords: bearish inside day candle cadence design

Ticker(s): CDNS