Synopsys (NASDAQ:SNPS) shares have crossed bullishly above their 10-day moving average of $35.01 on a volume of 251K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.
Synopsys, Inc. supplies electronic design automation solutions to the global electronics market. The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.
Synopsys (NASDAQ:SNPS) has potential upside of 12.0% based on a current price of $35.26 and analysts' consensus price target of $39.50. The stock should discover initial support at its 50-day moving average (MA) of $33.35 and subsequent support at its 200-day MA of $31.86.
In the past 52 weeks, shares of Synopsys have traded between a low of $27.15 and a high of $36.00 and are now at $35.26, which is 30% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.5%.
