AIV closes above its opening price after recovering from early selling pressure
Apartment Investment and Management Company (AIV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AIV ended the month 2.09% higher at 37.64 after gaining $0.46 (1.24%) today, slightly underperforming the S&P 500 (1.54%). Trading up to $0.43 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price.
Daily Candlestick Chart (AIV as at Jun 30, 2020):
Tuesday's trading range has been $1.07 (2.87%), that's below the last trading month's daily average range of $1.48. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AIV.
Apartment Investment managed to close back above the 50-day moving average at 37.50 for the first time since June 22nd. When this moving average was crossed above the last time on May 20th, AIV actually lost -0.25% on the following trading day. Prices are trading close to the key technical resistance level at 38.51 (R1).
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 38.51 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 36.06 where further sell stops might get activated.
Among the five 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 696 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 59.91% with an average market move of 0.67%.