Aspen Technology Forecast and Stock Analysis
Technical AZPN stock analysis for April 25, 2019.
Aspen Technology gained 3.49% in the last trading day, rising from $114.51 to $118.51 , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. The price has risen in 8 of the last 10 days and is up by 9.65% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 0.73 million more shares were traded than the day before. In total, 1.38 million shares bought and sold for approximately $163.63 million.
Close price at the end of the last trading day (Thursday, 25th Apr 2019) of the AZPN stock was $118.51. This is 3.49% more than the trading day before Wednesday, 24th Apr 2019.
During day the stock fluctuated 8.41% from a day low at $115.27 to a day high of $124.96.
30 day high of the AZPN stock price was $124.96 and low was $101.07.
90 day high was $124.96 and low was $94.33.
52 week high for the Aspen Technology - $124.96 and low - $74.84.
Aspen Technology has broken the strong rising the short-term trend up and an even stronger rising rate is indicated. For any reaction back there will now be support on the roof on the current trend broken at $112.44, a level that may pose a second chance to hit a runner. According to fan-theory $118.68 will be the next possible trend-top level and thereby pose a resistance level which may not be broken at the first attempt.
Only positive signals in the chart today. Aspen Technology holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at $111.71 and $105.52. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday April 17, 2019, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
RSI14 is 90 and the stock is extremely overbought on RSI14, but may also ontinue to gain. Some stocks see their best performance while being overbought, but very seldom does RSI remain so high for a long time without short corrections. Risk has therefore increased and larger daily movements can be expected for the next couple of days.
Support & Resistance
Aspen Technology finds support from accumulated volume at $114.51.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $9.69 (8.41%) between high and low. For the last week, the stock has had a daily average volatility of 3.24%.
The stock is extremely overbought on RSI14 (90). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the Aspen Technology has been rising for 6 days in a row, the risk for the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stoploss: $114.33 (-3.53%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 90 and this increases the risk substantially. There is a buy signal from pivot bottom found 5 days ago.)
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Evaluation: Strong Buy Candidate
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rising rate. We conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term period.
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|AZPN $118.51 ($4.00 3.49%)|
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