AIV closes within previous day's range
Apartment Investment and Management Company (AIV) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
AIV ended Wednesday at 37.18 gaining $0.61 (1.67%), notably outperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (AIV as at Sep 16, 2020):
Wednesday's trading range has been $1.22 (3.34%), that's slightly above the last trading month's daily average range of $1.05. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AIV.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 50-day moving average at 36.66. When this moving average was crossed above the last time on Monday, AIV actually lost -2.43% on the following trading day. After having been unable to move lower than 36.54 in the prior session, the market found buyers again around the same price level today at 36.34.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the nearby swing high at 37.98 where further buy stops could get triggered. Further buying might move prices higher should the market test August's close-by high at 38.60.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Apartment Investment. Out of 585 times, AIV closed higher 56.07% 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 59.15% with an average market move of 0.65%.