Synopsys Setting Up for a Run
04/02/2009 10:35 am EST
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