Cadence Design Systems Inc. (CDNS stock) price persists in riding the gains inside the rising parallel channel and is near the resistance of $250. However, the price is near the middle of the channel, and the upper trendline also exists near the opposite of $250, which buyers are willing to catch. The price action favors buyers due to the rising demand for the stock among investors.
At the start of 2023, CDNS stock was in the rising channel and persisted in riding the uptrend without looking back. Furthermore, CDNS stock is all set to deliver its Q2 earning result tomorrow, 24th July, which investors are eagerly waiting for. However, buyers pre-assumed the positive commentary and were ready to take long positions. Analysts expect growth in net income and revenues and indicate positive reflections.
CDNS Stock Persist In Upsurge
On the daily charts, CDNS stock is trading above the barriers and beyond the significant moving averages showing buyers’ dominance. Also, the recent surge trapped sellers covering their short positions resulting in stock rallying from the past sessions.
About CDNS Stock Price & Performance
Cadence Design Systems, Inc. is involved in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP and design IP.
It operates through the following geographical segments: United States, Americas, China, Asia, Europe, Middle East and Africa and Japan. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A. Hjartarson, K. Bobby Chao, and K. Charles Janac in June 1988 and is headquartered in San Jose, CA.
At press time, CDNS stock was traded at $242.86 with an intraday gain of 1.70% showing bullishness in the overnight session. Moreover, the trading volume increased by 3.65% to 5.339 Million, showing demand rise among investors. The market cap is $66.224 Billion.
As per the technicals, CDNS stock trades in uncharted territory and suggests a further rise toward $250. Analysts maintained buy signals and outperformed with a one-year price target of $151.30.
Technical Guidance:
RSI: The RSI curve shows a positive divergence and stays above neutrality, suggesting a further rise in the upcoming sessions favoring the uptrend.
MACD: The MACD indicator showed a bullish crossover, indicating buyers’ traction and intent to fetch $250 for the following sessions.
Conclusion
CDNS stock price chart shows the bulls are persistent. The stock price is near the resistance of $250, which is a challenging move for the bulls to surpass as therefore is acting as a strong supply zone.
Technical Levels:
Support Levels: $235 and $220
Resistance Levels:$250 and $265
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/23/will-cdns-stock-nasdaq-cdns-surpass-channel-highs-of-250/