• Return to Headlines

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

By David Diaz

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 $142.70 and $145.44 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.

Based on a current price of $141.00, Synopsys Inc is currently 23.1% above its average consensus analyst price target of $108.40. Synopsys Inc shares should encounter resistance at the 50-day moving average (MA) of $148.34 and support at its 200-day MA of $136.67.

In the past 52 weeks, Synopsys Inc share prices have been bracketed by a low of $100.65 and a high of $166.87 and closed yesterday at $141.00, 40% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

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 is monitoring the recent change of momentum in Synopsys Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Synopsys Inc in search of a potential trend change.

Keywords: bullish am inside day candle synopsys inc

Ticker(s): SNPS