Possible Bearish Inside Day Candle Pattern Detected for Cadence Design Systems (NASDAQ:CDNS)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cadence Design Systems (NASDAQ:CDNS) based on the price action in the company's shares. Today's price range of $26.00 and $26.15 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 Systems may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Cadence Design Systems share prices have moved between a 52-week high of $26.45 and a 52-week low of $18.13 and are now trading 44% above that low price at $26.03 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.
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 Systems (NASDAQ:CDNS) is currently priced 7.1% above its average consensus analyst price target of $24.19. The stock should discover initial support at its 50-day moving average (MA) of $23.00 and subsequent support at its 200-day MA of $21.41.
SmarTrend recommended that subscribers consider buying shares of Cadence Design Systems on February 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.83. Since that recommendation, shares of Cadence Design Systems have risen 26.0%. 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 systems