Cadence Design Systems Inc. - (CDNS) - August 23, 2021 (Daily Stock Report)

by SIACharts.com

 

 

Cadence Design Systems (CDNS) a producer of computational software for semiconductors and communications related applications, returned to the Green Favored Zone of the SIA S&P 500 Index Report on Friday for the first time since March. The shares finished last week in 111th place up 17 spots on Friday and up 119 places in the last month.

A major breakout is underway in Cadence Design Systems (CDNS) shares. From March of 2020 through February of 2021 the shares staged a major advance. Since peaking six months ago, the shares have drifted sideways between $120 (where a former resistance level became support) and $150 consolidating previous gains. Following a successful retest of $120, the shares came under renewed accumulation. Last week, the shares broke out to new highs over $150 on volume, completing another bullish Ascending Triangle pattern, indicating increased investor interest and signaling the start of a new advance.

Based on a round number and a measured move from the triangle, initial upside resistance appears in the $175-$180 range. Initial support appears between trend support near $145, and $150 a round number and the recent breakout point.

 

With a big breakout over $148.00, Cadence Design Systems (CDNS) has completed a rare but very bullish Quadruple Top pattern, signaling an end to six months of sideways consolidation and the start of a new advance.

Based on vertical and horizontal counts, next potential upside resistance appears between $176.90 and $184.05. InitialĀ support appears between $139.45 and $142.25 around a 3-box reversal and a previous column high.

With its bullish SMAX score increasing to a perfect 10, CDNS 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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