The Lightning Round segment of Mad Money is a viewer favorite and Monday night one caller asked host Jim Cramer about Appian Corp. (APPN) . "I think we may have hit the top. Let's take some off the table," was Cramer's response.
Appian provides a low-code software development platform as a service that enables organizations to develop applications.
Let's check out the charts and indicators.
In the daily Japanese candlestick chart of APPN, below, we can see that the shares made a huge reversal at the end of November and the beginning of December. A bounce after the downside reversal stopped at the middle of the large red (bearish) candle around $165. This is a technique covered in the books by my long-time friend Steve Nison. Prices are above the rising 50-day moving average line and the rising 200-day moving average line, but we know these are lagging indicators.
The On-Balance-Volume (OBV) line topped out in late November and its move lower tells us that sellers of APPN have become more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside for a take profits sell signal.