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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Synopsys Inc (NASDAQ:SNPS) based on the price action in the company's shares. Yesterday's price range of $135.81 and $138.44 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. Traders and investors interested in shares of Synopsys Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 (NASDAQ:SNPS) defies analysts with a current price ($138.19) 21.6% above its average consensus price target of $108.40. The stock should find initial support at its 50-day moving average (MA) of $137.36 and further support at its 200-day MA of $126.11.

Synopsys Inc share prices have moved between a 52-week high of $146.66 and a 52-week low of $79.14 and closed yesterday at 75% above that low price at $138.19 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has remained constant.

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: bullish am inside day candle synopsys inc

Ticker(s): SNPS