AME pushes through Monday's high
AMETEK Inc. (AME) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AME ended the month -2.55% lower at 89.37 after gaining $1.26 (1.43%) today, slightly underperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 88.14, the stock confirmed its breakout through the prior session high after trading up to $1.56 above it intraday.
Daily Candlestick Chart (AME as at Jun 30, 2020):
Tuesday's trading range has been $1.99 (2.26%), that's slightly below the last trading month's daily average range of $2.38. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AME.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 89.70 during the day, the share found resistance at the 200-day moving average at 89.69. The last time this happened on May 26th, AME actually gained 3.71% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 90.57 where further buy stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for AMETEK. Out of 332 times, AME closed higher 54.52% 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 61.75% with an average market move of 0.93%.