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Possible Bullish Inside Day Candle Pattern Detected for Cadence Design (NASDAQ:CDNS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cadence Design (NASDAQ:CDNS) based on the price action in the company's shares. Yesterday's price range of $72.03 and $72.48 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 Cadence Design may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology. The Company licenses its electronic design automation software technology and provides a variety of professional services. Cadence's design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

Cadence Design (NASDAQ:CDNS) is currently priced 36.2% above its average consensus analyst price target of $46.60. The stock should discover initial support at its 50-day moving average (MA) of $68.88 and subsequent support at its 200-day MA of $68.35.

Over the past year, Cadence Design has traded in a range of $43.92 to $77.08 and closed yesterday at $73.06, 66% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.3%.

SmarTrend is tracking the current trend status for Cadence Design and will alert subscribers who have CDNS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle cadence design

Ticker(s): CDNS