AIV climbs to highest close since July 13, 2007
Apartment Investment and Management Company (AIV) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, AIV finished the week 2.75% higher at 50.78 after edging higher $0.01 (0.02%) today, slightly underperforming the S&P 500 (0.5%). Today's close at 50.78 marks the highest recorded closing price since July 13, 2007. Trading up to $0.23 lower after the open, Apartment Investment managed to reverse during the session as bulls took control ending the day above its opening price. 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 (AIV as at Mar 15, 2019):
Friday's trading range has been $0.37 (0.73%), that's far below the last trading month's daily average range of $0.60. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AIV. Prices continued to consolidate within a tight trading range between 50.25 and 50.84 where it has been caught now for the last three trading days.
After having been unable to move above 50.79 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 50.84. The last time this happened on March 8th, AIV actually gained 0.83% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 49.63.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 50.25 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Apartment Investment. Out of 666 times, AIV closed higher 53.30% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.96% with an average market move of 1.04%.