AME closes within prior day's range after lackluster session
AMETEK Inc. (AME) Technical Analysis Report for Jul 24, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AME finished the week -0.05% lower at 92.90 after edging lower $0.42 (-0.45%) today, but still slightly outperforming the S&P 500 (-0.62%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (AME as at Jul 24, 2020):
Friday's trading range has been $1.38 (1.48%), that's below the last trading month's daily average range of $1.83. 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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 94.17 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 91.11 where further sell stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for AMETEK. Out of 731 times, AME closed higher 53.35% 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 59.51% with an average market move of 0.84%.