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

By James Quinn

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 $151.00 and $151.63 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.

Synopsys Inc share prices have moved between a 52-week high of $151.99 and a 52-week low of $86.53 and closed yesterday at 78% above that low price at $153.84 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.3%.

Synopsys Inc (NASDAQ:SNPS) is currently priced 29.5% above its average consensus analyst price target of $108.40. The stock should discover initial support at its 50-day moving average (MA) of $140.01 and subsequent support at its 200-day MA of $132.30.

SmarTrend recommended that subscribers consider buying shares of Synopsys Inc on December 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $138.40. Since that recommendation, shares of Synopsys Inc have risen 9.7%. We continue to monitor SNPS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle synopsys inc

Ticker(s): SNPS