ACIA rockets 0.47% on high volume
Acacia Communications Inc. (ACIA) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ACIA ended the month 1.18% higher at 67.98 after surging $0.32 (0.47%) today on high volume, slightly underperforming the S&P 500 (0.77%). This is the biggest single-day gain in over three weeks. Closing above Thursday's high at 67.82, the stock confirmed its breakout through the prior session high after trading up to $0.40 above it intraday.
Daily Candlestick Chart (ACIA as at Jul 31, 2020):
Friday's trading range has been $0.68 (1.0%), that's far above the last trading month's daily average range of $0.43. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ACIA.
The market managed to close back above the 50-day moving average at 67.71. When this moving average was crossed above the last time on Monday, ACIA actually lost -0.07% on the following trading day. Prices are trading close to the key technical resistance level at 68.32 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test June's close-by high at 68.52.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S2" stand out. Its common bullish interpretation has been confirmed for Acacia Communications. Out of 7 times, ACIA closed higher 71.43% of the time on the next trading day after the market condition occurred.