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- 1 ANSS stock price has reversed and brought the pace in the last sessions.
- 2 Buyers are gaining traction and are looking to continue the momentum toward $350.
ANSYS stock (NASDAQ: ANSS) price has shown a V-shaped reversal, reviving the gains from the demand zone of $300 in the past sessions. Bulls showed their muscles, won over the bears, absorbed the selling pressure, and retained momentum. Furthermore, the chart shows that ANSS stock is now surpassing the key moving averages and is looking forward to revisiting the swing of $350 in the following sessions. The price action shows that the stock recovered after the breakdown of the rising wedge pattern and is now looking to re-enter the zone of neutrality above the trendline of $330.
ANSS stock price is gaining traction and has filled the gap, making a higher high sequence in the last trading sessions. However, technicals indicate a short-term dip toward $310. After that, a continuous buying action toward $350 as per the path curve shown. In the following sessions, ANSS stock might revisit the upper neckline and continue the bullish momentum wave.
At press time, ANSS stock price is trading at $319.03 with an intraday gain of 0.05%, showing neutrality on the charts. Moreover, the trading volume increased by 0.97% to 338.899K, and the market cap is $27.689 Million. However, Analysts maintained a buy rating with a yearly target price of $336.93, suggesting a growth outlook for the upcoming sessions.
ANSYS, Inc. engages in the development and marketing of engineering simulation software and services. The firm’s solutions include automotive, aerospace and defense, construction, energy, materials and chemical processing, autonomous engineering, and electrification. The company was founded by John A. Swanson in 1970 and is headquartered in Canonsburg, PA.
ANSS Stock Price Action Shows Reversal On Daily Charts
On the daily charts, ANSS stock price has recovered from the demand zone of $300 and has retained the pace. However, surpassing the hurdle of $320 above the gap is a significant challenge for the bulls. Moreover, bears placed multiple hurdles near the cluster of $330 to interrupt the journey toward $350.
As per the Fib levels, ANSS stock reversed from the 50% level, showing buyers still have the strength to extend the buying momentum. Moreover, the price is trading near the upper Bollinger band, showing bull dominance on the charts.
The RSI curve stayed in the overbought zone, showing a positive crossover, suggesting that buyers must reach $350 in the short term.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, indicating follow-on buying could lead to surpassing the hurdle of $320, followed by $330.
Summary
ANSS stock has recovered and is looking to surpass the hurdle of $320 to reach $350 soon. Moreover, buyers have attained strength and rescued the muscles now defeating the bears and persisted in making long buildup activity. The sellers too, started covering the positions, which may soon result in a short-term rally.
Technical Levels
Support Levels: $310 and $300
Resistance Levels: $330 and $350
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
