Chart of the Day: SNPS

0:00time now for our chart of the day joining us for breakdown. It's been Watson senior manager of trading services Charles Schwab. The synopsis is not been so good for synopsis a year to date been. Listen, I got to I got to get with you. I got to be ready for you. Been. All right. You gotta look at the five day first. Walk through what we should notice there. You bad day and good morning and you got it early because I was going to talk about it. But the fact is taking a look at synopsis in the short term is really kind of a study in consolidation here. As we see prices narrowing down off of big drop from that 418 resistance level that we see overhead and now really kind of that consolidation between levels of support and resistance squeezing the price into yesterday's upgrade. And now we see this a little bit of a pop to the upside in the overnight hours. But that comes without really any momentum you see also in that volume profile that support node that exists there where most of that trading has occurred right around that 390 to 392 level is where you're seeing the majority of that support area.

1:08But take a look at the 80x we use that as a trend strength gauge here in this particular case 25 being the kind of Rubicon for strong trend versus versus not a trend. And it's been a while since this has been above that 25 level. There's just not a lot of up behind this little bit of a move to the upside. So this may be some early positioning potentially ahead of today's trading to see if there is maybe some additional uphill momentum, but there is that fairly strong resistance overhead there at the 418 mark Diane. Okay, all right, let's zoom out to a longer term chart. You've got to look at the one year. What should we notice there? Yeah, taking a look at the one year chart again, one of the things you notice about this particular chart is the synopsis has generally over the course of the last year. Been trending sideways really kind of oscillating around this 418 to 420 range. So it hasn't had a lot of variability there and you can see the 50 period moving average in this case just kind of bouncing up and down. It's now in a downward mode and really kind of giving a potential resistance area here.

2:18You can see that 390 incline coming up from those lows around the 350 mark or so RSI as an indication of momentum had been climbing kind of equivalent to that equaling or echoing that upward price movement, but you see a divergence here, and a little bit of a break in momentum to the downside as prices finding a bit of a support. So that would suggest that maybe investors in this case looking to push this price above that 418 resistance or looking for some kind of outline or maybe some bullet points from the company about what they're looking to do in the future Diane. All right, thank you, Ben. That's been Watson senior manager of trading services Charles Schwab. Thank you.