AMN pops to highest close since August 7th
AMN Healthcare Services Inc (AMN) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
AMN finished Wednesday at 56.71 gaining $1.17 (2.11%), significantly outperforming the S&P 500 (-0.46%). Today's close at 56.71 marks the highest recorded closing price since August 7th. Closing above Tuesday's high at 56.30, the share confirmed its breakout through the previous session high after trading up to $1.14 above it intraday.
Daily Candlestick Chart (AMN as at Sep 16, 2020):
Wednesday's trading range has been $1.98 (3.54%), that's above the last trading month's daily average range of $1.62. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMN.
The market managed to close above the 200-day moving average at 56.67 for the first time since August 7th. When this moving average was crossed above the last time on August 7th, AMN actually lost -5.32% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for AMN Healthcare. Out of 41 times, AMN closed lower 58.54% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after seven trading days, showing a win rate of 56.10% with an average market move of -0.45%.