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Possible Bearish Inside Day Candle Pattern Detected for Synopsys Inc (NASDAQ:SNPS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Synopsys Inc (NASDAQ:SNPS) based on the price action in the company's shares. Yesterday's price range of $85.34 and $86.05 is within the prior day'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 Synopsys Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market. The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

In the past 52 weeks, Synopsys Inc share prices have been bracketed by a low of $50.97 and a high of $94.80 and closed yesterday at $85.69, 68% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

Potential upside of 22.3% exists for Synopsys Inc, based on a current level of $85.69 and analysts' average consensus price target of $104.83. The stock should find initial support at its 50-day moving average (MA) of $47.53 and further support at its 200-day MA of $47.17.

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

Keywords: bearish am inside day candle synopsys inc

Ticker(s): SNPS