AIV surges, gaining $0.67 (1.24%) within a single day
Apartment Investment and Management Company (AIV) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AIV finished the week 2.68% higher at 54.80 after surging $0.67 (1.24%) today, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. This is the biggest single-day gain in over three weeks. Today's close at 54.80 marks the highest recorded closing price since November 1, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (AIV as at Feb 14, 2020):
Friday's trading range has been $0.62 (1.14%), that's slightly below the last trading month's daily average range of $0.65. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AIV.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 54.19 earlier during the day, the stock bounced off the key technical support level at 54.27 (S1). The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key technical resistance level at 54.99 (R1).
Crossing above the upper Bollinger Band for the first time since January 24th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 53.50 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on January 23rd, AIV gained 0.39% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2019's high at 55.49 is within reach and we might see further upside momentum should the market manage to break out beyond.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Apartment Investment. Out of 588 times, AIV closed higher 55.10% 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 56.29% with an average market move of 0.37%.