ALTR closes higher for the 6th day in a row
Altair Engineering Inc. (ALTR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, ALTR ended the week 12.53% higher at 36.29 after gaining $0.39 (1.09%) today, outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 36.29 marks the highest recorded closing price since February 21st. Trading up to $0.33 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 15th, ALTR gained 7.10% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ALTR as at May 22, 2020):
Friday's trading range has been $0.76 (2.11%), that's far below the last trading month's daily average range of $1.46. 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 lower than usual for ALTR.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After having been unable to move lower than 35.70 in the prior session, the stock found buyers again around the same price level today at 35.77.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Altair Engineering. Out of 6 times, ALTR closed higher 83.33% 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 nine trading days, showing a win rate of 83.33% with an average market move of 2.21%.