AMP pushes through Thursday's high
Ameriprise Financial Inc. (AMP) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
AMP ended the month 2.39% higher at 153.63 after gaining $1.59 (1.05%) today, slightly outperforming the S&P 500 (0.77%). Trading up to $1.35 lower after the open, Ameriprise Financial managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 153.32, the stock confirmed its breakout through the prior session high after trading up to $1.10 above it intraday.
Daily Candlestick Chart (AMP as at Jul 31, 2020):
Friday's trading range has been $3.35 (2.2%), that's slightly below the last trading month's daily average range of $3.77. 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 AMP.
The market managed to close back above the 20-day moving average at 152.47. When this moving average was crossed above the last time on July 14th, AMP gained 2.87% on the following trading day.
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 157.05 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 148.79 where further sell stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Ameriprise Financial. Out of 373 times, AMP closed higher 57.10% 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 58.71% with an average market move of 0.68%.