SAIL closes above its opening price after recovering from early selling pressure
SailPoint Technologies Holdings Inc. (SAIL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
SAIL finished the month 15.94% higher at 26.47 after gaining $0.13 (0.49%) today, notably underperforming the S&P 500 (1.54%). Trading up to $0.20 lower after the open, SailPoint Technologies managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 23rd, SAIL actually lost -0.96% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (SAIL as at Jun 30, 2020):
Tuesday's trading range has been $0.47 (1.79%), that's far below the last trading month's daily average range of $0.97. 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 SAIL.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 26.00 (S1). The stock found buyers again today around 26.11 for the third trading day in a row after having found demand at 26.00 in the prior session and at 26.03 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 26.00 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for SailPoint Technologies. Out of 187 times, SAIL closed higher 55.08% 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 58.29% with an average market move of 2.21%.