AIV dominated by bears dragging the market lower throughout the day
Apartment Investment and Management Company (AIV) Technical Analysis Report for Jun 02, 2020 | by Techniquant Editorial Team
AIV finished Tuesday at 37.69 losing $0.26 (-0.69%), significantly underperforming the S&P 500 (0.82%). The bears were in full control today, moving the market lower throughout the whole session. 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 Jun 02, 2020):
Tuesday's trading range has been $1.05 (2.73%), that's below the last trading month's daily average range of $1.30. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AIV.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on May 28th, AIV lost -0.83% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the nearby swing high at 38.91 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 36.29 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Apartment Investment. Out of 697 times, AIV closed higher 53.08% 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 59.68% with an average market move of 0.61%.