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

By Amy Schwartz

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 $66.55 and $66.92 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 share prices have moved between a 52-week high of $77.08 and a 52-week low of $40.31 and are now trading 64% above that low price at $66.06 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has risen 0.5%.

Cadence Design (NASDAQ:CDNS) is currently priced 29.5% above its average consensus analyst price target of $46.60. Cadence Design shares should encounter resistance at the 50-day moving average (MA) of $66.54 and support at its 200-day MA of $64.76.

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.

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