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AI Analysis of SNPS
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Synopsys stock downgraded from Buy Candidate to Sell Candidate after Thursday trading session.
(Updated on Mar 28, 2024)

Sell candidate since Mar 28, 2024 PDF

The Synopsys stock price fell by -0.323% on the last day (Thursday, 28th Mar 2024) from $573.35 to $571.50. During the last trading day the stock fluctuated 1.22% from a day low at $570.00 to a day high of $576.95. The price has fallen in 5 of the last 10 days but is still up by 2.18% over the past 2 weeks. Volume has increased on the last day by 116 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 975 thousand shares were bought and sold for approximately $557.32 million.

The stock lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $563.75 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 18.00% during the next 3 months and, with a 90% probability hold a price between $665.24 and $719.39 at the end of this 3-month period.

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SNPS Signals & Forecast

There are few to no technical positive signals at the moment. The Synopsys stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $585.64 and $571.93. 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 -5.07%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Synopsys stock

On the downside, the stock finds support just below today's level from accumulated volume at $541.71 and $509.68. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Synopsys finds support just below today's level at $541.71. If this is broken, then the next support from accumulated volume will be at $509.68 and $484.81.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $6.95 (1.22%) between high and low. For the last week, the stock has had daily average volatility of 1.92%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SNPS) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Synopsys to open at $572.82, and during the day (based on 14 day Average True Range), to move between $555.17 and $587.83, which gives a possible trading interval of +/-$16.33 (+/-2.86%) up or down from last closing price. If Synopsys takes out the full calculated possible swing range there will be an estimated 5.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $580.90 (1.64%) than the support at $541.71 (5.21%), 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.

Is Synopsys stock A Buy?

The Synopsys stock holds several negative signals and despite the positive trend, we believe Synopsys will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.

Current score: -3.609 Sell Candidate Downgraded

Predicted Opening Price for Synopsys of Monday, April 1, 2024

Fair opening price April 1, 2024 Current price
$572.82 ( 0.230%) $571.50

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for SNPS

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 579.77 1.45 %
R2 577.11 0.98 %
R1 575.47 0.695 %
Current price: 571.50
Support S1 570.16 -0.234 %
S2 568.52 -0.521 %
S3 565.87 -0.99 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 602.01 5.34 %
R2 584.32 2.24 %
R1 580.90 1.64 %
Current price 571.50
Support S1 541.71 -5.21%
S2 509.68 -10.82%
S3 484.81 -15.17%

FAQ

What is the symbol for Synopsys Stock and on which exchange is it traded?
The symbol for Synopsys is SNPS and it is traded on the NASDAQ (NASDAQ Stock Exchange).

Should I buy or sell Synopsys Stock?
The Synopsys stock holds several negative signals and despite the positive trend, we believe Synopsys will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.

How to buy Synopsys Stock?
Synopsys Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Synopsys Stock.

What's the current price of Synopsys Stock?
As of the end of day on the 2024-03-28, the price of an Synopsys (SNPS) share was $571.50.

What is the 52-week high and low for Synopsys Stock?
The 52-week high for Synopsys Stock is $629.37 and the 52-week low is $360.37.

What is the market capitalization of Synopsys Stock?
As of the 2024-03-28, the market capitalization of Synopsys is 87.179B.

When is the next earnings date for Synopsys?
The upcoming earnings date for Synopsys is May 15, 2024.
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About Synopsys

Synopsys Synopsys, Inc. provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that provides virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are prog... SNPS Profile

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