The Greedy Trader Weekly Analysis
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Uptrend Exhaustion

Uptrend Exhaustion stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Exhaustion alert indicates that long term uptrend is exhausted and probability of long term trend reversal is high. Uptrend exhaustion stock market alert presents relatively low to medium risk - high reword stock pick for overvalued stocks.

The strategy is based on selling (or taking a short) position on anticipation of uptrend reversal.

Uptrend Exhaustion

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- 3/15/2024 -
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Synopsys (SNPS) Technical Analysis

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Summary:
Weekly :Overbought sector
Daily :The price has fallen below the Parabolic SARLane's Stochastic is oversoldPrice is close to the 50 Day Moving AverageTrend support at 550.02The price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the Synopsys (SNPS). During the week, the SNPS dropped -21.26 points, or -3.72%, and closed at 550.03 on Friday, March 15, 2024. Weekly volume was -14% below average.

SNPS is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See SNPS long-term trend chart]
A long-term uptrend had started on May 12, 2022 at 255.02 and reached 629.38 on February 22, 2024. SNPS gained -374.36 points, or -146.80%, in 93 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 507.05 and resistance is at 613.49. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.

Medium-term trend: [See SNPS medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 267.00 and reached 629.38 on February 22, 2024. SNPS gained -362.38 points, or -135.72%, in 71 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 537.71 and resistance is at 622.78. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.

Weekly Technical Indicators: [See SNPS weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since February 9, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See SNPS short-term trend chart]
A short-term downtrend had started on February 22, 2024 at 629.38 and reached 546.91 on March 15, 2024. SNPS lost 82.47 points, or 13.10%, in 22 days. The chart has formed a Falling Wedge chart pattern. The price is near the trend support (550.02) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a short-term trend.

Daily Technical Indicators: [See SNPS daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The daily MACD line is below its signal line since March 5, 2024. This is an indication that the short-term trend is down.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Price is close to the 50 Day Moving Average. While daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.33
Williams' Percentage Range (W%R) 70.40
Lane's Stochastic (%D-Slow) 18.39
Oversold
Greed/Fear Indicator (GFI) 29.45
Moving Average Converg./Diverg. (MACD) 6.97
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 52.48
Williams' Percentage Range (W%R) 39.90
Lane's Stochastic (%D-Slow) 66.33
Greed/Fear Indicator (GFI) 58.52
Moving Average Converg./Diverg. (MACD) 28.24
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 622.78
Parabolic System 619.52
Yearly Trendline Resistance 613.49
Upper Bollinger Band 592.49
Weekly Stochastic Crossing 579.69
20 Day Moving Average 569.44
Weekly Trendline Resistance 564.55
Daily Stochastic Crossing 554.31
Price 550.03
Weekly Trendline Support 550.02
50 Day Moving Average 546.74
Lower Bollinger Band 538.63
Quarterly Trendline Support 537.71
Yearly Trendline Support 507.05
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Application Software 60
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 577.19
High Date 03/12/2024
Low 546.91
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Test Support
Resistance 564.55
Support 550.02
High 629.38
High Date 02/22/2024
Low 546.91
Low Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 477.74
Low Date 01/05/2024
High 629.38
High Date 02/22/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 622.78
Support 537.71
Low 267.00
Low Date 10/13/2022
High 629.38
High Date 02/22/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 613.49
Support 507.05
Low 255.02
Low Date 05/12/2022
High 629.38
High Date 02/22/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.