APPN pops to highest close since August 27, 2019
Appian Corporation (APPN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, APPN finished the week 12.53% higher at 59.82 after surging $2.48 (4.33%) today on high volume, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 59.82 marks the highest recorded closing price since August 27, 2019. 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 Feb 14, 2020):
Friday's trading range has been $2.74 (4.63%), that's slightly above the last trading month's daily average range of $2.42. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for APPN.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on February 6th, APPN actually lost -0.15% on the following trading day.
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 52.41.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2019's high at 62.94 is within reach and we could see further upside momentum should the market manage to break out beyond.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Appian. Out of 17 times, APPN closed higher 70.59% 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 52.94% with an average market move of 2.16%.