ANSS rises to highest close ever
ANSYS Inc. (ANSS) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ANSS finished the month 6.47% higher at 310.60 after edging higher $0.93 (0.3%) today on low volume, slightly underperforming the S&P 500 (0.77%). Today's close at 310.60 marks the highest recorded closing price ever. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ANSS as at Jul 31, 2020):
Friday's trading range has been $7.71 (2.47%), that's slightly below the last trading month's daily average range of $7.94. 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.
After trading down to 304.85 earlier during the day, the market bounced off the key technical support level at 310.05 (S1). The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 311.47 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 312.56. The last time this happened on July 23rd, ANSS lost -2.21% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for ANSYS. Out of 471 times, ANSS closed higher 59.66% 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 55.20% with an average market move of 0.65%.