ALGN dominated by bulls lifting the market higher throughout the day
Align Technology Inc. (ALGN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ALGN ended the month 11.73% higher at 274.44 after gaining $7.96 (2.99%) today, notably outperforming the Nasdaq 100 (1.96%). Today's close at 274.44 marks the highest recorded closing price since June 9th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 268.00, the share confirmed its breakout through the prior session high after trading up to $7.81 above it intraday.
Daily Candlestick Chart (ALGN as at Jun 30, 2020):
Tuesday's trading range has been $11.44 (4.29%), that's slightly below the last trading month's daily average range of $11.72. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ALGN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 23rd, ALGN actually lost -3.65% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to June's high at 292.04, upside momentum might speed up should Align Technology mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Align Technology. Out of 164 times, ALGN closed higher 52.44% 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 59.76% with an average market move of 1.96%.