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Look for Shares of Synopsys to Potentially Rebound after Yesterday's 2.40% Sell Off

By Nick Russo

Synopsys (NASDAQ:SNPS) traded in a range yesterday that spanned from a low of $71.55 to a high of $75.34. Yesterday, the shares fell 2.4%, which took the trading range below the 3-day low of $73.39 on volume of 1.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that subscribers consider buying shares of Synopsys on January 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.82. Since that recommendation, shares of Synopsys have risen 18.7%. We continue to monitor SNPS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Over the past year, Synopsys has traded in a range of $39.26 to $75.34 and is now at $71.86, 83% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

Keywords: rebounders synopsys

Ticker(s): SNPS