AMN soars $6.56 (9.11%) after posting strong earnings


AMN Healthcare Services Inc (AMN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

AMN surges $6.56 (9.11%) after posting strong earnings
AMN soars, gaining $6.56 (9.11%) within a single day on high volume
AMN rises to highest close ever
AMN closes higher for the 5th day in a row

Overview

Moving higher for the 5th day in a row, AMN finished the week 12.6% higher at 78.54 after surging $6.56 (9.11%) today on high volume, significantly outperforming the S&P 500 (0.18%) following Thursday's earnings report. This is the biggest single-day gain in over a year. Today's close at 78.54 marks the highest recorded closing price ever.

Daily Candlestick Chart (AMN as at Feb 14, 2020):

Daily technical analysis candlestick chart for AMN Healthcare Services Inc (AMN) as at Feb 14, 2020

AMN reported earnings of $0.85 per share after Thursday's market close. With analysts having expected an EPS of $0.74, AMN Healthcare Services Inc beat market expectations by 14.9%. The company's last earnings report was released on Oct. 31, 2019, when AMN Healthcare Services Inc reported earnings of $0.81 per share beating market expectations by 9.5%.

Friday's trading range has been $5.55 (7.41%), that's far above the last trading month's daily average range of $1.50. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for AMN.

One bullish candlestick pattern matches today's price action, the White Candle.

Crossing above the upper Bollinger Band for the first time since January 21st, 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 69.18 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on January 15th, AMN gained 2.71% on the following trading day.

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

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for AMN Healthcare. Out of 36 times, AMN closed higher 52.78% 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 72.22% with an average market move of 3.96%.


Market Conditions for AMN as at Feb 14, 2020

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