Synopsys has pulled back after hitting new highs, and trend followers may take notice.
The first pattern on today’s chart is the four-month consolidation pattern between May and early October. SNPS was mostly trapped below $465 during that time. But it broke out on October 6 and is now pulling back to that level. Has old resistance become new support?
Second is the series of higher weekly lows during the period of consolidation. Those could reflect lurking buyers willing to step in.
Next, a rising trendline has taken shape since mid-August. Prices have also pulled back near that potential support.
Finally, the provider of semiconductor-design software seems to be in a secular uptrend. It broke out to record highs in May, despite the broader market remaining below the peak of early 2022. This could make trend followers anticipate continued momentum, especially with barely two months left in the year.
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