Athenahealth, Inc. (NASDAQ:ATHN) breaks resistance


Dallas, Texas 07/15/2013 (Financialstrend) –A Daily big white candle has formed. This is a bullish candle as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off a support area (e.g., a moving average, trend line, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.

For the past 10 Daily candlestick bars as of 12/07/2013, there are 6 white candles versus 4 black candles with a net of 2 white candles.

For the past 50 Daily candlestick bars as of 12/07/2013, there are 25 white candles versus 25 black candles.

A Daily rising window has formed (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of bullish trend.ThreeDaily white candles has formed during the last three Daily bars. Although these candles were not big enough to create three Daily white soldiers, the steady upward pattern is bullish.

The MACD is currently BULLISH. The MACD is currently above the signal line. The MACD crossed above the signal line 2 period(s) ago.  Since the MACD crossed the MACD moving average, Athena health’s price has increased 23.22%, and has fluctuate from a high of 110.000 to a low of 86.140.

Today’s Stochastic Oscillator (14,3) Value is 93.10.The Stochastic Oscillator is currently above 80. This is an indication of the security being in an “overbought” condition.There were no Stochastic Buy or Sell signals generated today.

The last stochastic signal was a Buy 5 Period(s) Ago.

The RSI is above 70. This is where it usually tops.The RSI has just reached its highest value in the last 14 period(s). This is BULLISH signal.

Currently, the Momentum Oscillator is in an overbought condition.

The close is currently

ABOVE its 200 daily moving average

ABOVE its 50 daily moving average

ABOVE its 20 daily moving average

The current market condition for Athenahealth is Very Bullish

Athenahealth, Inc. (NASDAQ:ATHN) broke above the upside resistance level of 97.23 today.  This is a bullish sign.  This previous resistance level of 97.23 may now provide downside support.  Volume on the day of the breakout was quite heavy–701% above average.  This makes the breakout even more significant.  The most recently confirmed downside support level for Athenahealth is around 22.25.  Expect prices to have some difficulty falling below this level.  A break below this level (particularly on heavy volume) would be a bearish sign.