{"id":33251,"date":"2015-04-28T15:08:37","date_gmt":"2015-04-28T19:08:37","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=33251"},"modified":"2015-04-28T15:08:37","modified_gmt":"2015-04-28T19:08:37","slug":"i-like-the-chart-formation-on-this-stock","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2015\/04\/i-like-the-chart-formation-on-this-stock\/","title":{"rendered":"I Like The Chart Formation On This Stock"},"content":{"rendered":"

Today I will be looking at the stock chart of Cadence Design Systems Inc. (NASDAQ:CDNS)<\/a>. This stock just broke out to the upside from a four-month base and looks as though it wants to continue going higher. All of the Trade Triangles are green and pointing higher for Cadence Design Systems. My upside target for this stock is $22.40, CDNS is currently trading around $19.50.<\/p>\n

Looking at the chart you can see that this stock has a very well-defined four-month base and has cleared resistance with today's breakout. If you measure from the lows of $16.52 to the resistance level which is at $19.53 it gives us a measurement of $3.01. You then add that number to the resistance level of $19.53 and this gives you a target of $22.54. I would then round that number down to approximately $22.40, which is now the upside target zone for this stock.<\/p>\n

\"\"<\/a><\/p>\n

So what does Cadence Design Systems do?<\/h2>\n

<\/p>\n

Cadence Design Systems, Inc. develops, sells, leases, and licenses electronic design automation (EDA) software, emulation and prototyping hardware, verification intellectual property (VIP), and design intellectual property (design IP) for semiconductor and electronics systems industries worldwide. It offers functional verification products, including logic verification software that enables customers to coordinate verification activities across multiple teams and various specialists for verification planning and closure; and system design and verification products for hardware-software verification, as well as for system power exploration, analysis, and optimization.<\/p>\n

What can go wrong with this trade?<\/h2>\n

The stock could go down which of course would be not good, but I think you can put a pretty tight stop on this position. I think you could place a stop around the 18.60 level or use the Trade Triangles to protect the position. I think risking one dollar to make three is not a bad thing to do.<\/p>\n

If you have any comments about this stock or any of the stock that I talk about please feel free to leave your feedback below this post.<\/p>\n

Every success with Cadence Design Systems,
\nAdam Hewison<\/a>
\nPresident, INO.com
\nCo-Creator, MarketClub<\/p>\n","protected":false},"excerpt":{"rendered":"

Today I will be looking at the stock chart of Cadence Design Systems Inc. (NASDAQ:CDNS). This stock just broke out to the upside from a four-month base and looks as though it wants to continue going higher. All of the Trade Triangles are green and pointing higher for Cadence Design Systems. My upside target for […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[7527,6649],"class_list":["post-33251","post","type-post","status-publish","format-standard","hentry","category-trading-tips","tag-cadence-design-systems-inc-nasdaqcdns","tag-marketclub-techinques-tips-and-talk"],"yoast_head":"\nI Like The Chart Formation On This Stock - INO.com Trader's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wwwtest.ino.com\/blog\/2015\/04\/i-like-the-chart-formation-on-this-stock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I Like The Chart Formation On This Stock - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Today I will be looking at the stock chart of Cadence Design Systems Inc. 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