PVTL closes above its opening price after recovering from early selling pressure


Pivotal Software Inc. Class A (PVTL) Technical Analysis Report for Mar 14, 2019 | by Techniquant Editorial Team

Highlights

PVTL closes above its opening price after recovering from early selling pressure
PVTL finds support at 20-day moving average
PVTL closes within previous day's range

Overview

PVTL ended Thursday at 22.40 edging higher $0.07 (0.31%), slightly outperforming the S&P 500 (-0.09%) ahead of today's earnings report. Trading up to $0.44 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (PVTL as at Mar 14, 2019):

Daily technical analysis candlestick chart for Pivotal Software Inc. Class A (PVTL) as at Mar 14, 2019

PVTL is set to report earnings after today's market close. For the upcoming report, analysts expect the company to have earned $-0.09 per share. The company's last earnings report was released on Dec. 11, 2018, when Pivotal Software Inc. Class A reported earnings of $-0.05 per share surpassing market expectations by 44.4%.

Thursday's trading range has been $1.29 (5.9%), that's above the last trading month's daily average range of $1.04. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for PVTL.

After trading as low as 21.43 during the day, Pivotal Software found support at the 20-day moving average at 21.50. The last time this happened on January 29th, PVTL gained 7.67% on the following trading day. Prices are trading close to the key technical resistance level at 22.95 (R1).

Although the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

Buying could accelerate should prices move above the close-by swing high at 22.89 where further buy stops might get triggered. With prices trading close to this year's high at 24.39, upside momentum could speed up should the stock be able to break out to new highs for the year. As prices are trading close to March's high at 22.95, upside momentum might accelerate should PVTL mark new highs for the month.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Pivotal Software. Out of 16 times, PVTL closed higher 56.25% 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 62.50% with an average market move of 1.45%.


Market Conditions for PVTL as at Mar 14, 2019

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