APPN closes within previous day's range
Appian Corporation (APPN) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
APPN finished Wednesday at 37.15 losing $0.23 (-0.62%), underperforming the S&P 500 (0.3%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (APPN as at Feb 13, 2019):
Wednesday's trading range has been $1.20 (3.17%), that's slightly below the last trading month's daily average range of $1.27. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for APPN.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Monday, APPN actually gained 4.50% on the following trading day.
Prices are trading close to the key technical resistance level at 37.67 (R1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 32.85.
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 OHLC Patterns based market condition "Black Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Appian. Out of 88 times, APPN closed higher 64.77% 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 53.41% with an average market move of 1.97%.