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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. Today's price range of $111.24 and $111.24 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 Synopsys Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Synopsys Inc has traded in a range of $79.14 to $112.93 and is now at $111.24, 41% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 2.1%.

Synopsys Inc (NASDAQ:SNPS) is currently priced 2.6% above its average consensus analyst price target of $108.40. Synopsys Inc shares have support at the 50-day moving average (MA) of $98.97 and additional support at the 200-day MA of $93.31.

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.

SmarTrend recommended that subscribers consider buying shares of Synopsys Inc on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $86.50. Since that recommendation, shares of Synopsys Inc have risen 30.5%. We continue to monitor SNPS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle synopsys inc

Ticker(s): SNPS