AMG closes lower for the 2nd day in a row
Affiliated Managers Group Inc. (AMG) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AMG ended the week -1.36% lower at 115.24 after losing $1.76 (-1.5%) today, underperforming the S&P 500 (-0.92%).
Daily Candlestick Chart (AMG as at Nov 09, 2018):
Friday's trading range has been $2.72 (2.34%), that's below the last trading month's daily average range of $3.73. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AMG.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 113.90 where further sell stops might get triggered. With prices trading close to this year's low at 110.27, downside momentum could accelerate should Affiliated Managers break out to new lows for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Affiliated Managers. Out of 298 times, AMG closed higher 51.01% 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 56.38% with an average market move of 1.00%.