Synopsys Setting Up for a Run

04/02/2009 10:35 am EST

Focus: STOCKS

Synopsys Inc. (SNPS) - This global electronic design automation software has been relatively stable in the bear market for a high-tech stock.


In a previous Trading Idea of the Day, I said, "It fell from more than $28 to less than $13 but turned sharply higher in late November and has traced a bullish cup-and-handle formation with a recent buy signal from the stochastic." I added, "This is a tech stock that could be added to both trading and long-term portfolios with an initial target of $23."

With the successful breakout from the cup-and-handle, the trading objective is raised to $25.

By Sam Collins of OptionsZone.com

 

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