AYX breaks below Monday's low
Alteryx Inc. Class A (AYX) Technical Analysis Report for Jun 11, 2019 | by Techniquant Editorial Team
AYX ended Tuesday at 95.78 losing $2.03 (-2.08%), strongly underperforming the S&P 500 (-0.03%). Closing below Monday's low at 96.97, the market confirmed its breakout through the previous session low after trading up to $3.26 below it intraday.
Daily Candlestick Chart (AYX as at Jun 11, 2019):
Tuesday's trading range has been $6.14 (6.25%), that's above the last trading month's daily average range of $4.16. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for AYX.
Unable to break through the key technical resistance level at 98.85 (R1), the stock closed below it after spiking up to 99.85 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 88.95. The last time this happened on May 6th, AYX lost -2.50% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Its common bearish interpretation has been confirmed for Alteryx. Out of 22 times, AYX closed lower 59.09% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 63.64% with an average market move of -1.63%.