APPN surges 9.11% closing $2.13 higher
Appian Corporation (APPN) Technical Analysis Report for Oct 12, 2018
APPN finished the week -10.37% lower at 25.51 after surging $2.13 (9.11%) today, significantly outperforming the S&P 500 (1.42%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on August 10th, APPN actually lost -5.03% on the following trading day. Trading $0.58 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (APPN as at Oct 12, 2018):
Friday's trading range has been $1.36 (5.28%), that's slightly below the last trading month's daily average range of $1.61. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for APPN.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 30.89.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the lower Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Appian. Out of 5 times, APPN closed higher 80.00% 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 60.00% with an average market move of 7.90%.