Cadence Design Systems Stock Forecast
Cadence Design Systems stock price ended at $282.41 on Friday, after gaining 1.92%.
(Updated on Apr 26, 2024)
The Cadence Design Systems stock price gained 1.92% on the last trading day (Friday, 26th Apr 2024), rising from $277.08 to $282.41. During the last trading day the stock fluctuated 3.21% from a day low at $278.50 to a day high of $287.44. The price has fallen in 8 of the last 10 days and is down by -7.66% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 94 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $602.03 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $277.04 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Cadence Design Systems stock with a 90% probability to be traded between $275.06 and $319.57 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CDNS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 1.92%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cadence Design Systems stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $303.41. On a fall, the stock will find some support from the short-term average at $281.44. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Cadence Design Systems stock
Cadence Design Systems finds support from accumulated volume at $281.76 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $8.94 between high and low, or 3.21%. For the last week, the stock has had daily average volatility of 2.82%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CDNS) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Cadence Design Systems to open at $282.78, and during the day (based on 14 day Average True Range), to move between $274.24 and $290.58, which gives a possible trading interval of +/-$8.17 (+/-2.89%) up or down from last closing price. If Cadence Design Systems takes out the full calculated possible swing range there will be an estimated 5.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $281.76 (0.23%) than the resistance at $285.90 (1.24%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cadence Design Systems stock A Buy?
Cadence Design Systems holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.664 Sell Candidate Unchanged
Predicted Opening Price for Cadence Design Systems of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $282.78 ( 0.132%) | $282.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CDNS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 291.72 | 3.30 % | |
| R2 | 288.30 | 2.09 % | ||
| R1 | 286.19 | 1.34 % | ||
| Current price: | 282.41 | |||
| Support | S1 | 279.37 | -1.08 % | |
| S2 | 277.26 | -1.82 % | ||
| S3 | 273.85 | -3.03 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 311.28 | 10.22 % | |
| R2 | 294.33 | 4.22 % | ||
| R1 | 285.90 | 1.24 % | ||
| Current price | 282.41 | |||
| Support | S1 | 281.76 | -0.230% | |
| S2 | 277.66 | -1.68% | ||
| S3 | 277.08 | -1.89% |
FAQ
Click here for our free guide on how to buy Cadence Design Systems Stock.
