AME unable to break through key resistance level


Ametek (AME) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
AME closes below its opening price unable to hold early session gains
AME pushes through 20-day moving average
AME unable to break through key resistance level
AME finds support at 20-day moving average
AME rises to highest close since April 5th
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

AME finished Monday at 75.60 gaining $0.66 (0.88%) on low volume. Today's closing price of 75.60 marks the highest close since April 5th. Trading $0.46 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AME
Volatility

Monday's trading range was $0.87 (1.15%), that's below last trading month's daily average range of $1.49. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 74.61 and 76.14 which it has been in now for the last three days.

Support/Resistance

Unable to break through the key technical resistance level at 75.79, the stock closed below it after spiking as high as 76.14 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 75.27 during the day, Ametek found support at the 20-day moving average at 75.58.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. AME managed to break above the 20-day moving average at 75.58 today for the first time since March 5th.

Order Flow

Selling might speed up should prices move below the nearby swing low at 74.61 where further sell stops could get activated. As prices are trading close to April's high at 76.74, upside momentum might accelerate should the share mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Ametek
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 50 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 200 TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
More market conditions identified for TQ Pro members...
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