AMN climbs to highest close since December 3, 2018
AMN Healthcare Services Inc (AMN) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, AMN finished the week 8.78% higher at 60.83 after gaining $1.02 (1.71%) today, significantly outperforming the S&P 500 (-0.01%). Today's close at 60.83 marks the highest recorded closing price since December 3, 2018. Closing above Thursday's high at 59.89, AMN Healthcare confirmed its breakout through the prior session high after trading up to $1.18 above it intraday.
Daily Candlestick Chart (AMN as at Jan 11, 2019):
Friday's trading range has been $1.83 (3.06%), that's slightly below the last trading month's daily average range of $2.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMN.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 60.19 (now S1), which is likely to act as support going forward. The last time this happened on Tuesday, AMN gained 1.65% on the following trading day. Prices are trading close to the key technical resistance level at 62.21 (R1).
Crossing above the upper Bollinger Band for the first time since November 29, 2018, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 56.10 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for AMN Healthcare. Out of 252 times, AMN closed higher 51.19% 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 62.30% with an average market move of 1.94%.