Learn to Evaluate (CDNS) using the Charts

July 18, 2024, 17:56 pm ET, BY Patrick- Contributor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for CDNS

• NONE. Details

There is no current Support Plan to trigger a buy of this stock at this time. This usually means that there are no clear support levels at this time, so buying the stock as it falls could be considered catching a falling knife. Buy signals only exist if resistance breaks higher.
This often is a signal that the stock you are watching is weak. Waiting for a turn higher may be more intelligent than trying to catch a falling knife. In any case, new support levels are usually revised to the database at the beginning of the next trading session.

• Short CDNS slightly under 294.05, target n/a, stop loss @ 294.9 Details

The technical summary data is suggesting a short of CDNS as it gets near 294.05, but the downside target is not available from the current data. This tells us to hold that position if it is triggered until a new downside target has been established (updates occur at the beginning of every trading session) or until the position has been stopped. The summary data tells us to have a stop loss in place at 294.9. 294.05 is the first level of resistance above 277.83, and by rule, any test of resistance is a short signal. In this case, if resistance 294.05 is being tested, so a short signal would exist.

Swing Trading Plans for CDNS

• Buy CDNS slightly over 286.18, target 294.05, Stop Loss @ 285.35 Details

If 286.18 begins to break higher, the technical summary data tells us to buy CDNS just slightly over 286.18, with an upside target of 294.05. The data also tells us to set a stop loss @ 285.35 in case the stock turns against the trade. 286.18 is the first level of resistance above 277.83, and by rule, any break above resistance is a buy signal. In this case, 286.18, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short CDNS slightly near 286.18, target n/a, Stop Loss @ 287.01. Details

The technical summary data is suggesting a short of CDNS if it tests 286.18 with a downside target of n/a. We should have a stop loss in place at 287.01 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 286.18, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for CDNS

• Buy CDNS slightly over 285.06, target 286.18, Stop Loss @ 284.39 Details

If 285.06 begins to break higher, the technical summary data tells us to buy CDNS just slightly over 285.06, with an upside target of 286.18. The data also tells us to set a stop loss @ 284.39 in case the stock turns against the trade. 285.06 is the first level of resistance above 277.83, and by rule, any break above resistance is a buy signal. In this case, 285.06, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short CDNS slightly near 285.06, target 271.25, Stop Loss @ 285.73. Details

The technical summary data is suggesting a short of CDNS if it tests 285.06 with a downside target of 271.25. We should have a stop loss in place at 285.73 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 285.06, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Check the time stamp on this data. Updated AI-Generated Signals for  Cadence Design Systems Inc. (CDNS) available here: CDNS.

CDNS Ratings for July 18:

Term →	Near	Mid	Long
Rating	Weak	Neutral	Strong
P1	0	0	294.05
P2	271.25	286.18	318
P3	285.06	307.09	341.8

AI Generated Signals for CDNS

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When #institutionalinvestors make decisions to buy and sell #stocks they normally want to keep it quiet.  However, if we pay close attention we can see what is going on, and make good decisions.. The  Cadence Design Systems Inc. (NASDAQ: CDNS) report below can help you understand how to do this. The trading plans for CDNS, are updated in real time for subscribers, but this report is static. If you want an update, or a different report on a different stock, please get one here Unlimited Real Time Reports.