BLKB pushes through Wednesday's high
Blackbaud Inc. (BLKB) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
BLKB ended Thursday at 56.75 surging $6.90 (13.84%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 53.99, Blackbaud confirmed its breakout through the previous session high after trading up to $3.00 above it intraday.
Daily Candlestick Chart (BLKB as at Mar 26, 2020):
Thursday's trading range has been $6.19 (12.19%), that's slightly above the last trading month's daily average range of $5.25. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BLKB.
Two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on March 19th, BLKB gained 5.12% on the following trading day.
Prices are trading close to the key technical resistance level at 60.12 (R1).
While the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Belt-hold" stand out. Its common bullish interpretation has been confirmed for Blackbaud. Out of 17 times, BLKB closed higher 64.71% 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 70.59% with an average market move of 1.53%.