ANSS climbs to highest close since December 12, 2018
ANSYS Inc. (ANSS) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, ANSS ended the week 7.72% higher at 154.75 after gaining $2.15 (1.41%) today, significantly outperforming the S&P 500 (-0.01%). Today's close at 154.75 marks the highest recorded closing price since December 12, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 152.92, the market confirmed its breakout through the prior session high after trading up to $1.91 above it intraday.
Daily Candlestick Chart (ANSS as at Jan 11, 2019):
Friday's trading range has been $3.82 (2.52%), that's below the last trading month's daily average range of $4.81. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ANSS.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 151.01 earlier during the day, the stock bounced off the key technical support level at 151.32 (S1). The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 150.55 in the previous session, ANSYS found buyers again around the same price level today at 151.01. The last time this happened on January 3rd, ANSS gained 4.37% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the eight 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 ANSYS. Out of 29 times, ANSS closed higher 55.17% 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 65.52% with an average market move of 1.34%.