AMP finds buyers around 153.86 for the third day in a row
Ameriprise Financial Inc. (AMP) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
AMP finished Wednesday at 157.43 gaining $3.58 (2.33%) on low volume, strongly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 156.14, the share confirmed its breakout through the previous session high after trading up to $3.61 above it intraday.
Daily Candlestick Chart (AMP as at Sep 16, 2020):
Wednesday's trading range has been $5.89 (3.82%), that's far above the last trading month's daily average range of $3.85. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AMP.
One bullish candlestick pattern matches today's price action, the White Candle.
Ameriprise Financial managed to close back above the 50-day moving average at 155.24. When this moving average was crossed above the last time on Monday, AMP actually lost -1.40% on the following trading day. Prices are trading close to the key technical resistance level at 160.14 (R1). The market found buyers again today around 153.86 for the third trading day in a row after having found demand at 153.38 in the prior session and at 153.42 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 153.38 where further sell stops could get triggered. As prices are trading close to September's high at 163.51, upside momentum might accelerate should the stock mark new highs for the month.
Among the eight 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 371 times, AMP closed higher 57.14% 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 58.22% with an average market move of 0.61%.