Possible Bearish Inside Day Candle Pattern Detected for Synopsys (NASDAQ:SNPS)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Synopsys (NASDAQ:SNPS) based on the price action in the company's shares. Today's price range of $53.05 and $53.32 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
There is potential upside of 4.9% for shares of Synopsys based on a current price of $53.25 and an average consensus analyst price target of $55.83. 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.
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 share prices have been bracketed by a low of $39.26 and a high of $53.46 and are now at $53.25, 36% above that low price. The 200-day and 50-day moving averages have moved 0.11% lower and 0.62% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of Synopsys on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.32. Since that recommendation, shares of Synopsys have risen 23.4%. 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