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Downtrend Broken Resist.Archive
- 5/3/2024 -
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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 gave back -0.78 points, or -0.28%, and closed at 281.63 on Friday, May 3, 2024. Weekly volume was 6% above average.
 Long-term trend: [See CDNS long-term trend chart]
A long-term uptrend had started on November 4, 2022 at 138.76 and reached 327.36 on March 21, 2024. CDNS gained -188.60 points, or -135.92%, in 71 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (298.58) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a long-term trend.
 Medium-term trend: [See CDNS medium-term trend chart]
A medium-term downtrend had started on March 21, 2024 at 327.36 and reached 270.39 on May 2, 2024. CDNS lost 56.97 points, or 17.40%, in 6 weeks. The price is now at the 19.73% retracement level.
 Weekly Technical Indicators: [See CDNS weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 12, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is near its 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 uptrend had started on May 2, 2024 at 270.39 and reached 284.32 on May 3, 2024. CDNS gained -13.93 points, or -5.15%, in 1 days. The price is now at the 19.31% retracement level.
Daily Technical Indicators: [See CDNS daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. 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 26, 2024. The distance between MACD and the signal line is low and getting smaller.
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.
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