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ANSS finds buyers at key support level


Technical Analysis Report for ANSS - May 17, 2018 [1 min read]
Highlights
ANSS finds buyers around 163.61 for the third day in a row
ANSS breaks below 20-day moving average
ANSS finds buyers at key support level
ANSS closes lower for the 5th day in a row
ANSS stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 5th day in a row, ANSS ended Thursday at 164.58 losing $0.70 (-0.42%) on low volume. Today's closing price of 164.58 marks the lowest close since May 4th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for ANSS
Volatility

Thursday's trading range was $2.38 (1.44%), that's below last trading month's daily average range of $3.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 163.61 and 166.23 which it has been in now for the last three days.

Price Action

Notwithstanding a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After trading as low as 163.61 during the day, the market bounced off the key support level at 164.31. The failure to close below the support might increase that levels importance as support going forward. The stock found buyers again today around 163.61 for the third trading day in a row after having found demand at 164.06 in the previous session and at 163.78 two days ago.

Trend

ANSYS shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. ANSS broke below the 20-day moving average at 164.63 today for the first time since March 22nd.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 166.23 where further buy stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Break through SMA 20 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
5 Consecutive Lower Closes TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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