Nov. 14 at 2:59 AM
$CDNS is currently trading at
$315.99, which is near the 60D low of
$312.99, indicating potential support. The RSI at 24.49 suggests the stock is oversold, which may lead to a reversal or bounce. However, the moving averages indicate a bearish trend, with the MA30 at
$333.8 and MA50 at
$342.14, both above the current price, signaling resistance levels.
Directional bias leans towards a cautious bullish stance due to the oversold RSI, but the prevailing downtrend from the moving averages must be acknowledged.
Suggested entry is at
$317, just above the current close to confirm a potential reversal. Set a stop loss at
$310 to manage risk. Target 1 is
$330, near the MA30, and Target 2 is
$340, close to the MA50.
Monitor market conditions closely, as the overall trend remains bearish despite short-term oversold conditions.
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