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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 $62.41 and $62.41 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.

Based on a current price of $62.41, Cadence Design is currently 25.3% above its average consensus analyst price target of $46.60. Cadence Design shares have support at the 50-day moving average (MA) of $52.84 and additional support at the 200-day MA of $46.50.

Over the past year, Cadence Design has traded in a range of $35.49 to $63.19 and is now at $62.41, 76% above that low. The 200-day and 50-day moving averages have moved 0.82% higher and 2.92% higher over the past week, respectively.

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 recommended that subscribers consider buying shares of Cadence Design on January 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.89. Since that recommendation, shares of Cadence Design have risen 40.5%. We continue to monitor CDNS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle cadence design

Ticker(s): CDNS