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Application Software Industry Stocks Technical Analysis - CDNSArchive
- 9/6/2024 -
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Cadence Design Systems (CDNS) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Cadence Design Systems (CDNS). During the week, the CDNS dropped -21.41 points, or -7.96%, and closed at 247.52 on Friday, September 6, 2024. It was the worst weekly loss since July 19, 2024. Weekly volume was 24% above average.
 Long-term trend: [See CDNS long-term trend chart]
A long-term downtrend had started on June 20, 2024 at 328.99 and reached 241.29 on August 5, 2024. CDNS lost 87.70 points, or 26.66%, in 6 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 181.08 and resistance is at 278.20. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.
 Medium-term trend: [See CDNS medium-term trend chart]
A medium-term downtrend had started on August 22, 2024 at 287.47 and reached 245.45 on September 6, 2024. CDNS lost 42.02 points, or 14.62%, in 2 weeks. Price is near the trend low.
 Weekly Technical Indicators: [See CDNS weekly technical indicators chart]
Weekly Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range. 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 Williams' Percentage Range help.
The weekly MACD line is below its signal line since July 12, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.
Short-term trend: [See CDNS short-term trend chart]
A short-term downtrend had started on August 29, 2024 at 271.00 and reached 245.45 on September 6, 2024. CDNS lost 25.55 points, or 9.43%, in 8 days. The price is now at the 8.10% retracement level.
 Daily Technical Indicators: [See CDNS daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Use the following links to access Lane's Stochastic and Relative Strength Index help.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
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| Daily Oscillators |
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| Weekly Oscillators |
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| Trading
Signals |
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| Sector and
Industry |
| Description |
Name |
Rank |
| Sector |
Information Technology |
3 |
| Industry |
Application Software |
38 |
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| Daily Trend |
| Description |
Value |
| Direction |
Down |
| Chart Pattern |
DownTrend |
| High |
271.00 |
| High Date |
08/29/2024 |
| Low |
245.45 |
| Low Date |
09/06/2024 |
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| Weekly Trend |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
DownTrend |
| Status |
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| Resistance |
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| Support |
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| High |
271.00 |
| High Date |
08/29/2024 |
| Low |
245.45 |
| Low Date |
09/06/2024 |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
DownTrend |
| Status |
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| Resistance |
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| Support |
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| High |
271.00 |
| High Date |
08/29/2024 |
| Low |
245.45 |
| Low Date |
09/06/2024 |
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| Quarterly Trend |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
DownTrend |
| Status |
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| Resistance |
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| Support |
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| High |
287.47 |
| High Date |
08/22/2024 |
| Low |
245.45 |
| Low Date |
09/06/2024 |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
Broadening Descending Wedge |
| Status |
Valid |
| Resistance |
278.20 |
| Support |
181.08 |
| High |
328.99 |
| High Date |
06/20/2024 |
| Low |
241.29 |
| Low Date |
08/05/2024 |
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