AM closes above its opening price after recovering from early selling pressure
Antero Midstream Partners LP representing limited partner interests (AM) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
AM finished the week -2.04% lower at 28.28 after edging higher $0.09 (0.32%) today on low volume, notably outperforming the S&P 500 (-0.92%). Trading up to $0.90 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (AM as at Nov 09, 2018):
Friday's trading range has been $1.13 (4.01%), that's above the last trading month's daily average range of $0.95. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AM.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Takuri Line which are both known as bullish patterns. The last time a Bullish Spinning Top showed up on October 31st, AM actually lost -2.99% on the following trading day.
Prices are trading close to the key technical resistance level at 28.56 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 29.04 where further buy stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Its common bullish interpretation has been confirmed for Antero Midstream. Out of 32 times, AM closed higher 56.25% 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 56.25% with an average market move of 1.33%.