ANSS rallies 3.4% closing $9.60 higher
ANSYS Inc. (ANSS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
ANSS ended the month 3.08% higher at 291.73 after surging $9.60 (3.4%) today, strongly outperforming the S&P 500 (1.54%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on May 29th, ANSS gained 1.31% on the following trading day. Today's close at 291.73 marks the highest recorded closing price since February 20th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 286.20, the market confirmed its breakout through the prior session high after trading up to $7.04 above it intraday.
Daily Candlestick Chart (ANSS as at Jun 30, 2020):
Tuesday's trading range has been $13.25 (4.69%), that's far above the last trading month's daily average range of $9.19. Things look different on the weekly timeframe, where the market's trading range of the last week has been 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.
The share managed to close back above the 20-day moving average at 284.24.
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 299.06, upside momentum might accelerate should the stock be able to break out to new highs for the year. As prices are trading close to June's high at 295.11, upside momentum could speed up should ANSYS mark new highs for the month.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for ANSYS. Out of 308 times, ANSS closed higher 52.27% 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 62.99% with an average market move of 0.74%.