AMLP closes higher for the 3rd day in a row
Alerian MLP (AMLP) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, AMLP finished Thursday at 3.48 gaining $0.09 (2.65%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (AMLP as at Mar 26, 2020):
Thursday's trading range has been $0.39 (11.44%), that's slightly below the last trading month's daily average range of $0.45. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for AMLP. Prices continued to consolidate within a tight trading range between 3.09 and 3.88 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on March 20th, AMLP actually lost -12.08% on the following trading day.
Prices are trading close to the key technical resistance level at 3.80 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 3.88 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 3.09 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Alerian MLP. Out of 175 times, AMLP closed higher 55.43% of the time on the next trading day after the market condition occurred.