ALTR misses to close above 20-day moving average
Altair Engineering Inc. (ALTR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ALTR ended Wednesday at 40.38 gaining $0.68 (1.71%) on high volume, notably outperforming the S&P 500 (-0.46%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ALTR as at Sep 16, 2020):
Wednesday's trading range has been $2.09 (5.23%), that's above the last trading month's daily average range of $1.40. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ALTR.
The market managed to close back above the 50-day moving average at 40.06 for the first time since September 3rd. After spiking up to 41.81 during the day, the share found resistance at the 20-day moving average at 40.93. The last time this happened on September 10th, ALTR lost -2.69% on the following trading day.
Although Altair Engineering is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Altair Engineering. Out of 21 times, ALTR closed higher 71.43% 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 71.43% with an average market move of 4.23%.