GWRE rises to highest close since November 26, 2019
Guidewire Software Inc. (GWRE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, GWRE ended the week 3.75% higher at 122.42 after gaining $1.16 (0.96%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 122.42 marks the highest recorded closing price since November 26, 2019. Closing above Thursday's high at 122.00, the share confirmed its breakout through the previous session high after trading up to $0.53 above it intraday.
Daily Candlestick Chart (GWRE as at Feb 14, 2020):
Friday's trading range has been $1.83 (1.51%), that's slightly below the last trading month's daily average range of $1.94. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for GWRE.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, GWRE gained 0.32% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2019's high at 123.60 is within reach and we might see further upside momentum should the stock manage to break out beyond.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Guidewire Software. Out of 499 times, GWRE closed higher 50.70% 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 56.71% with an average market move of 0.81%.