AYX climbs to highest close since July 10th
Alteryx Inc. Class A (AYX) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, AYX finished the month 6.82% higher at 175.49 after gaining $2.00 (1.15%) today, slightly outperforming the S&P 500 (0.77%). Today's close at 175.49 marks the highest recorded closing price since July 10th. Trading up to $5.46 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (AYX as at Jul 31, 2020):
Friday's trading range has been $6.13 (3.5%), that's below the last trading month's daily average range of $8.13. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AYX.
Five candlestick patterns are matching today's price action, the Dragonfly Doji which is known as bullish pattern, three bearish patterns, the Bearish Doji Star, the Hanging Man and the Northern Doji and one neutral pattern, the Doji. The last time a Northern Doji showed up on June 16th, AYX actually gained 3.64% on the following trading day.
Prices are trading close to the key technical resistance level at 179.39 (R1). After having been unable to move above 175.28 in the prior session, the stock ran into sellers again around the same price level today, missing to move higher than 176.03.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 168.11 where further sell stops could get activated. With prices trading close to this year's high at 185.75, upside momentum might accelerate should the market be able to break out to new highs for the year.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Doji Star" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Alteryx. Out of 2 times, AYX closed higher 100.00% 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 nine trading days, showing a win rate of 50.00% with an average market move of 1.21%.