AME rises to highest close since June 5th
AMETEK Inc. (AME) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
AME ended Wednesday at 96.42 gaining $1.93 (2.04%), significantly outperforming the S&P 500 (0.64%). Today's close at 96.42 marks the highest recorded closing price since June 5th. Trading up to $0.85 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Tuesday's high at 95.99, AMETEK confirmed its breakout through the prior session high after trading up to $1.06 above it intraday.
Daily Candlestick Chart (AME as at Aug 05, 2020):
Wednesday's trading range has been $2.09 (2.18%), that's slightly above the last trading month's daily average range of $1.85. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AME.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on July 27th, AME actually lost -1.04% on the following trading day.
Prices are trading close to the key technical resistance level at 98.00 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to June's high at 98.00 we might see further upside momentum if potential buy stops at the level get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for AMETEK. Out of 227 times, AME closed higher 52.86% 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 62.56% with an average market move of 0.72%.