AME pops to highest close since June 9th
AMETEK Inc. (AME) Technical Analysis Report for Jul 29, 2020 | by Techniquant Editorial Team
AME ended Wednesday at 94.35 surging $2.27 (2.47%), significantly outperforming the S&P 500 (1.24%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on July 14th, AME gained 1.56% on the following trading day. Today's close at 94.35 marks the highest recorded closing price since June 9th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 93.01, the stock confirmed its breakout through the prior session high after trading up to $1.64 above it intraday.
Daily Candlestick Chart (AME as at Jul 29, 2020):
Wednesday's trading range has been $2.25 (2.43%), that's above the last trading month's daily average range of $1.79. Things look different on the weekly timeframe, where the market's trading range of the last week has been 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.
Prices are trading close to the key technical resistance level at 95.55 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for AMETEK. Out of 323 times, AME closed higher 51.39% 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 60.68% with an average market move of 0.62%.