MANH pops to highest close since June 1st
Manhattan Associates Inc. (MANH) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MANH ended the month 6.56% higher at 94.20 after edging higher $0.24 (0.26%) today, significantly underperforming the S&P 500 (1.54%). Today's close at 94.20 marks the highest recorded closing price since June 1st. Closing above Monday's high at 94.00, the stock confirmed its breakout through the previous session high after trading up to $1.25 above it intraday.
Daily Candlestick Chart (MANH as at Jun 30, 2020):
Tuesday's trading range has been $2.26 (2.42%), that's far below the last trading month's daily average range of $3.62. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for MANH.
Unable to break through the key technical resistance level at 95.02 (R1), Manhattan Associates closed below it after spiking up to 95.25 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on June 23rd, MANH lost -2.39% on the following trading day.
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 nearby swing low at 90.61 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Manhattan Associates. Out of 325 times, MANH closed higher 55.38% 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 58.15% with an average market move of 1.32%.