AM closes within prior day's range
Antero Midstream Partners LP representing limited partner interests (AM) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
AM ended Wednesday at 5.35 gaining $0.13 (2.49%), significantly outperforming the S&P 500 (-0.46%). 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 Sep 16, 2020):
Wednesday's trading range has been $0.37 (7.05%), that's above the last trading month's daily average range of $0.29. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AM.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on Monday, AM actually lost -8.74% on the following trading day.
After trading as low as 5.14 during the day, Antero Midstream found support at the 200-day moving average at 5.19.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Trading close to July's low at 5.04 we could see further downside momentum if potential sell stops at the level get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Antero Midstream. Out of 103 times, AM closed lower 55.34% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 59.22% with an average market move of -1.77%.