APPN dominated by bulls lifting the market higher throughout the day
Appian Corporation (APPN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, APPN ended Thursday at 41.63 gaining $3.28 (8.55%) on low volume, strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. 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 Mar 26, 2020):
Thursday's trading range has been $4.00 (10.29%), that's slightly below the last trading month's daily average range of $4.45. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for APPN.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 20-day moving average at 40.10 for the first time since February 20th. When this moving average was crossed above the last time on January 8th, APPN gained 6.93% on the following trading day. Prices are trading close to the key technical resistance level at 45.02 (R1).
Although Appian is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Appian. Out of 71 times, APPN closed higher 64.79% 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 56.34% with an average market move of 1.99%.