APPN closes higher for the 2nd day in a row
Appian Corporation (APPN) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, APPN finished the week 5.23% higher at 36.84 after gaining $0.11 (0.3%) today. Trading up to $0.60 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was $0.95 (2.59%), that's below last trading month's daily average range of $1.44. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being exactly the same as average. Prices continued to consolidate within a tight trading range between 35.22 and 37.64 which it has been in now for the last trading week.
After trading as low as 36.03 during the day, the share bounced off the key support level at 36.35. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 37.64.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 37.64 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 35.40 where further sell stops could get activated. Further buying might move prices higher should the market test August's close-by high at 37.95.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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