AYX finds buyers again around 94.10
Alteryx Inc. Class A (AYX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
AYX ended Thursday at 101.05 gaining $4.83 (5.02%) on low volume, notably underperforming the S&P 500 (6.24%). Trading up to $3.95 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (AYX as at Mar 26, 2020):
Thursday's trading range has been $10.30 (10.5%), that's below the last trading month's daily average range of $12.18. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for AYX. Prices continued to consolidate within a tight trading range between 94.10 and 107.37 where it has been caught now for the last three trading days.
After moving lower in the prior session, the stock managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After trading down to 94.10 earlier during the day, Alteryx bounced off the key technical support level at 94.23 (S1). The failure to close below the support might increase that levels significance as support going forward. Prices are trading close to the key technical resistance level at 104.80 (R1). After having been unable to move lower than 95.64 in the prior session, the share found buyers again around the same price level today at 94.10. The last time this happened on March 13th, AYX actually lost -21.52% on the following trading day.
AYX shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could accelerate should prices move above the close-by swing high at 107.37 where further buy stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Alteryx. Out of 128 times, AYX closed higher 59.38% 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 64.06% with an average market move of 4.36%.