BLKB closes higher for the 7th day in a row
Blackbaud Inc. (BLKB) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, BLKB ended the week 10.58% higher at 56.65 after edging higher $0.20 (0.35%) today on low volume, slightly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 56.65 marks the highest recorded closing price since March 26th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BLKB as at May 22, 2020):
Friday's trading range has been $1.45 (2.54%), that's far below the last trading month's daily average range of $2.48. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BLKB.
Prices are trading close to the key technical resistance level at 57.68 (R1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the nearby swing high at 57.68 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 54.70 where further sell stops could get triggered. As prices are trading close to May's high at 57.68, upside momentum might speed up should the share mark new highs for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Blackbaud. Out of 697 times, BLKB closed higher 52.94% 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 58.25% with an average market move of 0.91%.