AMP closes above its opening price after recovering from early selling pressure
Ameriprise Financial Inc. (AMP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
AMP ended the week 2.0% higher at 178.82 after gaining $0.42 (0.24%) today on low volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 178.82 marks the highest recorded closing price since January 26, 2018. Trading up to $0.46 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 178.62, the stock confirmed its breakout through the previous session high after trading up to $0.39 above it intraday.
Daily Candlestick Chart (AMP as at Feb 14, 2020):
Friday's trading range has been $1.35 (0.76%), that's far below the last trading month's daily average range of $2.75. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AMP.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on Monday, AMP gained 1.06% on the following trading day.
After having been unable to move above 178.62 in the prior session, Ameriprise Financial ran into sellers again around the same price level today, missing to move higher than 179.01.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 179.57 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 175.86 where further sell stops could get activated. Trading close to 2018's high at 183.90 we might see further upside momentum if potential buy stops at the level get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Ameriprise Financial. Out of 764 times, AMP closed higher 52.36% 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 59.16% with an average market move of 0.71%.