How the (CDNS) price action is used to our Advantage
June 28, 2024, 16:20 pm ET, BY Tom S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for CDNS
- Buy CDNS slightly over 291.8 target 314.08 stop loss @ 290.96 Details
The technical summary data tells us to buy CDNS near 291.8 with an upside target of 314.08. This data also tells us to set a stop loss @ 290.96 to protect against excessive loss in case the stock begins to move against the trade. 291.8 is the first level of support below 307.75 , and by rule, any test of support is a buy signal. In this case, support 291.8 would be being tested, so a buy signal would exist.
- Short CDNS slightly under 314.08, target 291.8, stop loss @ 314.99 Details
The technical summary data is suggesting a short of CDNS as it gets near 314.08 with a downside target of 291.8. We should have a stop loss in place at 314.99though. 314.08 is the first level of resistance above 307.75, and by rule, any test of resistance is a short signal. In this case, if resistance 314.08 is being tested, so a short signal would exist.
Swing Trading Plans for CDNS
- Buy CDNS slightly over 308.17, target 314.08, Stop Loss @ 307.28 Details
If 308.17 begins to break higher, the technical summary data tells us to buy CDNS just slightly over 308.17, with an upside target of 314.08. The data also tells us to set a stop loss @ 307.28 in case the stock turns against the trade. 308.17 is the first level of resistance above 307.75, and by rule, any break above resistance is a buy signal. In this case, 308.17, 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 308.17, target 291.8, Stop Loss @ 309.06. Details
The technical summary data is suggesting a short of CDNS if it tests 308.17 with a downside target of 291.8. We should have a stop loss in place at 309.06 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, 308.17, 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 308.17, target 309.8, Stop Loss @ 307.45 Details
If 308.17 begins to break higher, the technical summary data tells us to buy CDNS just slightly over 308.17, with an upside target of 309.8. The data also tells us to set a stop loss @ 307.45 in case the stock turns against the trade. 308.17 is the first level of resistance above 307.75, and by rule, any break above resistance is a buy signal. In this case, 308.17, 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 308.17, target 306.12, Stop Loss @ 308.89. Details
The technical summary data is suggesting a short of CDNS if it tests 308.17 with a downside target of 306.12. We should have a stop loss in place at 308.89 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, 308.17, 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 June 28:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Weak |
Strong |
Strong |
| P1 |
0 |
0 |
291.8 |
| P2 |
306.12 |
308.17 |
314.08 |
| P3 |
309.8 |
322.14 |
337.1 |
AI Generated Signals for CDNS
Blue = Current Price
Red= Resistance
Green = Support
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Our job as #investors is to pay attention to the #stocks we own. Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The Cadence Design Systems Inc. (NASDAQ: CDNS) data table below can help you with price action, and we have more details too. Trading plans for CDNS are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.
Fundamental Charts for CDNS:
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