AMLP closes within prior day's range after lackluster session
Alerian MLP (AMLP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
AMLP finished the week -2.0% lower at 7.85 after edging higher $0.01 (0.13%) today on low volume ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (AMLP as at Feb 14, 2020):
Friday's trading range has been $0.10 (1.27%), that's below the last trading month's daily average range of $0.14. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AMLP.
Alerian MLP shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
2019's low at 7.65 is within reach and we could see further downside momentum should the market break out beyond.