AMN runs into sellers again around 45.86
AMN Healthcare Services Inc (AMN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
AMN finished the month 1.98% higher at 45.24 after losing $0.57 (-1.24%) today, strongly underperforming the S&P 500 (1.54%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (AMN as at Jun 30, 2020):
Tuesday's trading range has been $1.16 (2.54%), that's far below the last trading month's daily average range of $2.15. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMN. Prices continued to consolidate within a tight trading range between 43.32 and 45.86 where it has been caught now for the whole last trading week.
After moving higher in the prior session, AMN Healthcare closed lower but above the previous day's open today, forming a bearish Harami Candle. The last time this candlestick pattern showed up on June 10th, AMN lost -9.29% on the following trading day.
Prices are trading close to the key technical support level at 43.88 (S1). After having been unable to move above 45.83 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 45.86.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 46.89 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 43.32 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for AMN Healthcare. Out of 51 times, AMN closed higher 60.78% 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 62.75% with an average market move of 1.09%.