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

By James Quinn

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 $148.50 and $149.23 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 (NASDAQ:SNPS) is currently priced 28.0% above its average consensus analyst price target of $108.40. The stock should find initial support at its 50-day moving average (MA) of $142.37 and further support at its 200-day MA of $133.85.

In the past 52 weeks, Synopsys Inc share prices have been bracketed by a low of $89.77 and a high of $156.97 and closed yesterday at $150.66, 68% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 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 recommended that subscribers consider buying shares of Synopsys Inc on December 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $138.40. Since that recommendation, shares of Synopsys Inc have risen 6.6%. We continue to monitor SNPS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle synopsys inc

Ticker(s): SNPS