AMG finds buyers again around 65.19
Affiliated Managers Group Inc. (AMG) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
AMG finished Wednesday at 67.79 surging $2.50 (3.83%) on high volume, strongly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 66.53, Affiliated Managers confirmed its breakout through the previous session high after trading up to $2.19 above it intraday.
Daily Candlestick Chart (AMG as at Sep 16, 2020):
Wednesday's trading range has been $3.53 (5.39%), that's far above the last trading month's daily average range of $2.08. 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 AMG.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on August 7th, AMG gained 1.54% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 67.39 (now S1), which is likely to act as support going forward. After having been unable to move lower than 65.23 in the prior session, the share found buyers again around the same price level today at 65.19.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Its common bullish interpretation has been confirmed for Affiliated Managers. Out of 116 times, AMG closed higher 50.00% 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 56.90% with an average market move of 0.68%.