ALGN climbs to highest close since January 22nd


Align Technology Inc. (ALGN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

ALGN breaks above 50-day moving average for the first time since January 22nd
ALGN rises to highest close since January 22nd
ALGN closes above its opening price after recovering from early selling pressure
ALGN closes within previous day's range

Overview

ALGN ended the week 6.29% higher at 274.95 after gaining $1.98 (0.73%) today, slightly outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 274.95 marks the highest recorded closing price since January 22nd. Trading up to $4.22 lower after the open, Align Technology managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (ALGN as at Feb 14, 2020):

Daily technical analysis candlestick chart for Align Technology Inc. (ALGN) as at Feb 14, 2020

Friday's trading range has been $7.45 (2.72%), that's slightly below the last trading month's daily average range of $8.69. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ALGN.

Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.

The share managed to close above the 50-day moving average at 273.89 for the first time since January 22nd. When this moving average was crossed above the last time on January 22nd, ALGN actually lost -3.05% on the following trading day. Prices are trading close to the key technical resistance level at 281.00 (R1).

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Align Technology. Out of 460 times, ALGN closed higher 58.48% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.13% with an average market move of 1.48%.


Market Conditions for ALGN as at Feb 14, 2020

Loading Market Conditions for ALGN (Align Technology Inc.)...
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