BLKB closes within prior day's range after lackluster session
Blackbaud Inc. (BLKB) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
BLKB ended Wednesday at 56.98 flat, slightly outperforming the S&P 500 (-0.46%). Trading $0.51 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BLKB as at Sep 16, 2020):
Wednesday's trading range has been $1.26 (2.2%), that's below the last trading month's daily average range of $2.00. 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 support level at 56.54 (S1). Prices are trading close to the key technical resistance level at 58.40 (R1). The market ran into sellers again today around 57.87 for the third trading day in a row after having found sellers at 57.82 in the previous session and at 57.59 two days ago. The last time this happened on August 18th, BLKB actually gained 2.20% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might speed up should prices move below the close-by swing low at 54.84 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Blackbaud. Out of 552 times, BLKB closed higher 54.53% 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 57.97% with an average market move of 0.61%.