AIV pushes through key technical resistance level
Apartment Investment and Management Company (AIV) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, AIV ended the month 3.13% higher at 38.82 after gaining $0.52 (1.36%) today on high volume, outperforming the S&P 500 (0.77%). Today's close at 38.82 marks the highest recorded closing price since July 2nd. Trading up to $0.88 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 38.59, the stock confirmed its breakout through the previous session high after trading up to $0.37 above it intraday.
Daily Candlestick Chart (AIV as at Jul 31, 2020):
Friday's trading range has been $1.75 (4.59%), that's far above the last trading month's daily average range of $1.16. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AIV.
Buyers managed to take out the key technical resistance level at 38.71 (now S1), which is likely to act as support going forward. The last time this happened on Tuesday, AIV gained 2.11% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to July's high at 39.95, upside momentum could speed up should Apartment Investment mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Apartment Investment. Out of 42 times, AIV closed higher 66.67% of the time on the next trading day after the market condition occurred.