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5 Stocks Worth Trading Into May

Synopsys

Even though the market looks ostensibly bullish right now, the first stock on our radar this week is a bearish setup. Why bother with downside trades right now? Even though the broad market is nearly re-testing its previous highs, it's important not to let market bias play into your trading outlook. If an attractive against-the-grain setup pops up, it's worth taking a look.

That's exactly what's happening with shares of Synopsys (SNPS - Get Report) right now. This $4 billion software firm is forming a nearly textbook head-and-shoulders top right now -- one that's nearly reached its neckline trigger price.

In SNPS, it's critical to wait for a break below the neckline before betting against shares of this stock. More specifically, it'll be important to wait for a close below the neckline before taking a position in this stock -- shares have made more than one move below the line in the form of an intraday whipsaw. If you do take this trade, put a protective stop right around $27 to protect against a fake out.

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SYM TRADE IT LAST %CHG
AES $13.47 -1.20%
BRKR $18.94 -2.80%
EC $17.49 3.00%
SNPS $46.68 -1.20%
VRSN $63.23 -1.80%

Markets

DOW 17,973.23 -97.17 -0.54%
S&P 500 2,101.18 -13.31 -0.63%
NASDAQ 4,959.9580 -56.9710 -1.14%

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