ALTR dominated by bulls lifting the market higher throughout the day
Altair Engineering Inc. (ALTR) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ALTR finished the week 4.73% higher at 36.97 after gaining $1.22 (3.41%) today, notably outperforming the S&P 500 (-0.16%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 35.87, the market confirmed its breakout through the prior session high after trading up to $1.18 above it intraday.
Daily Candlestick Chart (ALTR as at Jun 14, 2019):
Friday's trading range has been $1.56 (4.4%), that's above the last trading month's daily average range of $1.22. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for ALTR.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Altair Engineering managed to close back above the 100-day moving average at 36.08 for the first time since June 5th. When this moving average was crossed above the last time on May 14th, ALTR gained 4.63% on the following trading day. Prices are trading close to the key technical resistance level at 37.44 (R1). After having been unable to move lower than 35.34 in the previous session, the share found buyers again around the same price level today at 35.49.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
As prices are trading close to June's high at 38.16, upside momentum could accelerate should the stock mark new highs for the month.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Altair Engineering. Out of 20 times, ALTR closed higher 70.00% 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 55.00% with an average market move of 2.49%.