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SNPS Stock Price Attained Pace Ahead of Q4 Results, Time to Buy?

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SNPS Stock Price Attained Pace Ahead of Q4 Results, Time to Buy?
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Synopsys Inc. (NYSE: SNPS) SNPS stock witnessed an ascending triangle breakout and noted a sharp up-move scratched above the round mark of $500 in the past trading sessions. Furthermore, the chart noted a massive surge, highlighting the buyers’ presence and showcasing bull dominance for the past sessions. The stock was in an uptrend and continued to extend the gains despite the weak global market sentiments. Additionally, the stock persisted in forming the higher highs and has reached the blue sky zone decisively.

Furthermore, the curved path on the chart suggests that stock will continue to rise and may reach $550 soon. Moreover, the price action showcased thea breakout and is signaling that buyers succeeded in trapping the bears and a short covering rally was noted on the charts. SNPS stock has gained pace ahead of the Q4 results. It is a golden time for the investors who were waiting to add to their portfolio.

Synopsys, Inc. engages in the provision of electronic design automation (EDA) software that engineers use to design and test integrated circuits (ICs). It also offers semiconductor intellectual property (IP) products. It operates through the following segments: Semiconductor and System Design, and Software Integrity. The Semiconductor and System Design segment includes EDA tools, IP products, and System Integration solutions. The Software Integrity segment includes a solution for building security and compliance testing into the customers’ software development lifecycle and supply chain. The company was founded by Aart J. de Geus, Bill Krieger, Dave Gregory, and Rick Rudell in December 1986 and is headquartered in Sunnyvale, CA.

Will SNPS Stock Extend Bullishness Above $530?

SNPS Stock Price Attained Pace Ahead of Q4 Results, Time to Buy?
Source: SNPS Stock/NYSE By TradingView

On the daily charts, SNPS stock price is trading in the bullish trajectory and has showcased a sharp rebound from the 100 day EMA. Recently, stock noted an ascending triangle pattern breakout and has surpassed the neckline of $500. Moreover, the stock has surpassed the 61.8% Fibonacci retracement zone and is on the verge of the upper bollinger band.

The RSI curve is above the overbought zone near 80 and noted a positive divergence indicating the buyers accumulation on the charts. The MACD shows a bullish crossover and green bars on the histogram suggesting the rally will continue in the upcoming sessions.

Summary

SNPS stock picked up the momentum and has surpassed the significant moving averages above the round mark of $500 in the past sessions. Furthermore, the stock has noted a short covering rally which has yet started now and has more to be witnessed toward the upper trajectory of $570 in the next sessions. The bulls look strong and persisted in building up and continued to dominate.

Technical Levels

Support Levels: $510 and $500

Resistance Levels: $535 and $550

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

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