AMP closes within prior day's range


Ameriprise Financial (AMP) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team

Highlights

AMP closes within previous day's range

Overview

AMP ended the week -9.33% lower at 135.78 after gaining $0.40 (0.3%) today on high volume, significantly underperforming the S&P 500 (1.42%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (AMP as at Oct 12, 2018):

Daily technical analysis candlestick chart for Ameriprise Financial (AMP) as at Oct 12, 2018

Friday's trading range has been $5.86 (4.27%), that's far above the last trading month's daily average range of $3.31. 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 AMP.

One bullish candlestick pattern matches today's price action, the Hammer. The last time a Hammer showed up on March 28th, AMP gained 0.67% on the following trading day.

Prices are trading close to the key technical resistance level at 138.71 (R1).

With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 147.13.

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

With prices trading close to this year's low at 129.87, downside momentum could accelerate should Ameriprise Financial break out to new lows for the year.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close below the lower Bollinger Band" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Ameriprise Financial. Out of 142 times, AMP closed higher 59.86% 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 57.75% with an average market move of 2.41%.


Market Conditions for AMP as at Oct 12, 2018

Loading Market Conditions for AMP (Ameriprise Financial)...
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AMP drops to lowest close since May 3rd

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