AMN closes below its opening price unable to hold early session gains

Amn Healthcare Services Inc (AMN) Technical Analysis Report for Sep 14, 2018

Highlights

AMN closes below its opening price unable to hold early session gains
AMN ends the day on a bearish note closing near the low of the day
AMN closes within previous day's range

TQ Sentiment

Report Sentiment: 40% Bearish
Technical Forecast:

Overview

AMN ended the week -5.91% lower at 52.55 after losing $1.30 (-2.41%) today on high volume. Trading $0.95 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for AMN

Volatility

Friday's trading range was $2.45 (4.55%), that's far above last trading month's daily average range of $1.44. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 51.80.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could speed up should prices move below the nearby swing low at 51.80 where further sell stops might get activated. Further selling could move prices lower should the market test August's close-by low at 50.82.

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 Amn Healthcare Services Inc

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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