Cadence Design Systems Stock Forecast
Cadence Design Systems stock upgraded to Hold/Accumulate.
(Updated on Apr 17, 2024)
The Cadence Design Systems stock price fell by -2.36% on the last day (Wednesday, 17th Apr 2024) from $300.81 to $293.71. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 3.42% from a day low at $293.60 to a day high of $303.63. The price has fallen in 6 of the last 10 days and is down by -5.43% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -516 thousand shares and in total, 1 million shares were bought and sold for approximately $327.78 million.
Given the current short-term trend, the stock is expected to rise 6.35% during the next 3 months and, with a 90% probability hold a price between $312.37 and $349.37 at the end of this 3-month period.
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CDNS Signals & Forecast
There are few to no technical positive signals at the moment. The Cadence Design Systems stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $304.00 and $309.29. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -9.01%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Cadence Design Systems stock
Cadence Design Systems finds support from accumulated volume at $292.14 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $10.03 between high and low, or 3.42%. For the last week the stock has had daily average volatility of 2.43%.
Our recommended stop-loss: $279.85 (-4.72%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (CDNS) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Cadence Design Systems to open at $296.98, and during the day (based on 14 day Average True Range), to move between $285.92 and $301.50, which gives a possible trading interval of +/-$7.79 (+/-2.65%) up or down from last closing price. If Cadence Design Systems takes out the full calculated possible swing range there will be an estimated 5.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $294.33 (0.21%) than the support at $292.14 (0.53%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Cadence Design Systems will release earnings AMC on Monday, April 22, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.13. We will update the financials statements for Cadence Design Systems, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.28% in the first trading day after earnings release.
Is Cadence Design Systems stock A Buy?
Cadence Design Systems holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.569 Hold/Accumulate Upgraded
Predicted Opening Price for Cadence Design Systems of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $296.98 ( 1.11%) | $293.71 |
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 | 307.01 | 4.53 % | |
| R2 | 303.18 | 3.22 % | ||
| R1 | 300.81 | 2.42 % | ||
| Current price: | 293.71 | |||
| Support | S1 | 293.15 | -0.191 % | |
| S2 | 290.78 | -1.00 % | ||
| S3 | 286.95 | -2.30 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 311.28 | 5.98 % | |
| R2 | 306.58 | 4.38 % | ||
| R1 | 294.33 | 0.211 % | ||
| Current price | 293.71 | |||
| Support | S1 | 292.14 | -0.535% | |
| S2 | 292.07 | -0.558% | ||
| S3 | 290.30 | -1.16% |
FAQ
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