Stronger technical forecast for Aspen Technology stock price after Monday trading.
(Updated on Nov 27, 2023)
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The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $184.85 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -12.67% during the next 3 months and, with a 90% probability hold a price between $138.61 and $161.42 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
AZPN Signals & Forecast
The Aspen Technology stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $184.36. On a fall, the stock will find some support from the long-term average at approximately $182.87. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, November 20, 2023, and so far it has fallen -1.39%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Aspen Technology stock
Aspen Technology finds support from accumulated volume at $182.04 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.79 between high and low, or 1.52%. For the last week, the stock has had daily average volatility of 1.99%.
Our recommended stop-loss: $178.09 (-3.19%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (AZPN) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect Aspen Technology to open at $184.82, and during the day (based on 14 day Average True Range), to move between $179.10 and $188.80, which gives a possible trading interval of +/-$4.85 (+/-2.64%) up or down from last closing price. If Aspen Technology takes out the full calculated possible swing range there will be an estimated 5.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $182.04 (1.04%) than the resistance at $190.96 (3.81%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Aspen Technology stock A Buy?
Aspen Technology holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.852 Open Broker AccountHold/Accumulate Upgraded
Predicted Opening Price for Aspen Technology of Tuesday, November 28, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price November 28, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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