Synopsys Inc. - (SNPS) - December 9, 2021 (Daily Stock Report)

by SIACharts.com

 

 

Security and design software producer Synopsys (SNPS) continues the steady march up the rankings in the SIA S&P 500 Index Report that started back in May deep in the red zone. Yesterday the shares finished in 7th place, up 9 spots on the day and up 46 positions in the last month.

Since bottoming out in March, Synopsys (SNPS) shares have been under accumulation, steadily climbing in a rising channel of higher highs and higher lows. Continuing this trend, the shares broke out yesterday to a new all-time high, signaling the start of another upleg and completing a three-week consolidation phase.

Some upside resistance may appear near the $400.00 round number, with measured moves from previous trading ranges suggesting additional potential tests on trend near $385.00, $435.00, and $470.00. Initial support appears near the $350.00 round number, then the 50-day average near $325.00

 

Continuing an uptrend that started in the spring of 2020, and building on a high pole summer rally, Synopsys (SNPX) shares recently broke out to a new all-time high. The completion of a bullish Double Top pattern and the start of a new bullish High Pole indicates that accumulation continues and another upleg has started.

Based on horizontal and vertical counts, next potential upside resistance appears near the $400.00 round number, than then $416.10. Initial support appears near $34.60 based on a 3-box reversal.

With a perfect SMAX score of 10, SNPS is exhibiting strength across the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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