CADENCE DESIGN SYSTEMS INC. - 1H - Technical analysis published on 08/06/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Neutral
Technical indicators
94%
0%
6%
My opinion
Bullish above 252.80 USD
My targets
274.55 USD (+4.47%)
291.83 USD (+11.05%)
My analysis
The current short-term bullish trend should quickly fix the basic bullish trend. To avoid contradicting the short term, it would be possible to favour long positions (at the time of purchase) for CADENCE DESIGN SYSTEMS INC. as long as the price remains well above 252.80 USD. The buyers' bullish objective is set at 274.55 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 291.83 USD. If there is any crossing, the next objective would be the resistance located at 307.75 USD.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
4.1
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This analysis was given by Londinia. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The CADENCE DESIGN SYSTEMS INC. price is 262.80 USD. The price registered an increase of +6.47% on the session and was traded between 252.61 USD and 263.43 USD over the period. The price is currently at +4.03% from its lowest and -0.24% from its highest.252.61
263.43
262.80
The Central Gaps scanner detects a bullish gap which is a sign that buyers have taken the lead in the very short term.
Opening Gap UP
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
The Central Volumes scanner detects abnormal volumes on the asset:
Abnormal volumes
Timeframe : 5 days
Technical
Technical analysis of CADENCE DESIGN SYSTEMS INC. in 1H shows a neutral overall trend. The trend could quickly turn bullish due to the strong bullish signals currently being given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
Technical indicators are strongly bullish, suggesting that the price increase should continue.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 3
Type : Neutral
Timeframe : 1 hour
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
An analysis of the price chart with the Central Patterns scanner (detector of chart patterns and resistances and supports) shows a result that can have an impact on the price change:
Resistance of channel is broken
Type : Bullish
Timeframe : 1 hour
The presence of these Japanese chandelier patterns detected by Central Candlesticks that could impact the current short-term trend were also noted:
Bearish harami
Type : Bearish
Timeframe : 1 hour
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 230.44 | 241.34 | 252.80 | 262.80 | 274.55 | 291.83 | 307.75 |
| Change (%) | -12.31% | -8.17% | -3.81% | - | +4.47% | +11.05% | +17.10% |
| Change | -32.36 | -21.46 | -10.00 | - | +11.75 | +29.03 | +44.95 |
| Level | Intermediate | Intermediate | Major | - | Major | Minor | Intermediate |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 232.47 | 236.88 | 241.86 | 246.27 | 251.25 | 255.66 | 260.64 |
| Camarilla | 244.26 | 245.12 | 245.98 | 246.84 | 247.70 | 248.56 | 249.42 |
| Woodie | 232.76 | 237.02 | 242.15 | 246.41 | 251.54 | 255.80 | 260.93 |
| Fibonacci | 236.88 | 240.47 | 242.68 | 246.27 | 249.86 | 252.07 | 255.66 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 207.61 | 224.53 | 237.08 | 254.00 | 266.55 | 283.47 | 296.02 |
| Camarilla | 241.53 | 244.23 | 246.93 | 249.63 | 252.33 | 255.03 | 257.73 |
| Woodie | 205.43 | 223.44 | 234.90 | 252.91 | 264.37 | 282.38 | 293.84 |
| Fibonacci | 224.53 | 235.79 | 242.74 | 254.00 | 265.26 | 272.21 | 283.47 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 166.80 | 208.82 | 238.24 | 280.26 | 309.68 | 351.70 | 381.12 |
| Camarilla | 248.01 | 254.56 | 261.11 | 267.66 | 274.21 | 280.76 | 287.31 |
| Woodie | 160.50 | 205.67 | 231.94 | 277.11 | 303.38 | 348.55 | 374.82 |
| Fibonacci | 208.82 | 236.11 | 252.97 | 280.26 | 307.55 | 324.41 | 351.70 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 62.00 | |
| MACD (12,26,9): | 0.3000 | |
| Directional Movement: | 19.08 | |
| AROON (14): | 71.43 | |
| DEMA (21): | 252.63 | |
| Parabolic SAR (0,02-0,02-0,2): | 243.17 | |
| Elder Ray (13): | 7.90 | |
| Super Trend (3,10): | 247.49 | |
| Zig ZAG (10): | 262.88 | |
| VORTEX (21): | 0.9600 | |
| Stochastique (14,3,5): | 94.53 | |
| TEMA (21): | 255.65 | |
| Williams %R (14): | -2.98 | |
| Chande Momentum Oscillator (20): | 13.20 | |
| Repulse (5,40,3): | 2.3400 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | -0.1300 | |
| Courbe Coppock: | 6.54 |
| MA7: | 257.08 | |
| MA20: | 278.82 | |
| MA50: | 294.98 | |
| MA100: | 295.60 | |
| MAexp7: | 256.55 | |
| MAexp20: | 253.40 | |
| MAexp50: | 257.58 | |
| MAexp100: | 267.72 | |
| Price / MA7: | +2.22% | |
| Price / MA20: | -5.75% | |
| Price / MA50: | -10.91% | |
| Price / MA100: | -11.10% | |
| Price / MAexp7: | +2.44% | |
| Price / MAexp20: | +3.71% | |
| Price / MAexp50: | +2.03% | |
| Price / MAexp100: | -1.84% |
Quotes :
-
15 min delayed data
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NASDAQ Stocks
News
The last news published on CADENCE DESIGN SYSTEMS INC. at the time of the generation of this analysis was as follows:
- Celebrating Pride Month at Cadence: A Global Commitment to DEI
- Cadence Reunites With WITU To Empower Young Women
- Driving Innovation: Cadence and McLaren Announce Winner of CFD Student Challenge
- Longhorn Electric Racing Is Building the Future of Electric Vehicles With Cadence Tools
- Cadence Named by Fortune and Great Place to Work as One of 2024’s 100 Best Companies to Work For, Ranking No. 9
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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