ALTR still stuck within tight trading range
Altair Engineering Inc. (ALTR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ALTR ended the month 1.69% higher at 39.75 after gaining $0.96 (2.47%) today, outperforming the S&P 500 (1.54%). Trading up to $0.60 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 39.03, the share confirmed its breakout through the previous session high after trading up to $0.93 above it intraday.
Daily Candlestick Chart (ALTR as at Jun 30, 2020):
Tuesday's trading range has been $1.73 (4.46%), that's slightly above 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 below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ALTR. Prices continued to consolidate within a tight trading range between 37.91 and 39.96 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, ALTR actually lost -4.24% on the following trading day.
The market managed to close back above the 20-day moving average at 38.79.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 41.23, upside momentum could accelerate should Altair Engineering be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Altair Engineering. Out of 147 times, ALTR closed higher 52.38% 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 57.14% with an average market move of 1.20%.