AMP.AX closes above its opening price after recovering from early selling pressure
AMP Limited (AMP.AX) Technical Analysis Report for Oct 12, 2018
AMP.AX ended the week -0.97% lower at 3.05 after flat today, slightly underperforming the market (ASX 200, 0.2%). Trading up to $0.03 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 14th, AMP.AX gained 1.91% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (AMP.AX as at Oct 12, 2018):
Friday's trading range was $0.06 (1.99%), that's slightly below last trading month's daily average range of $0.06. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 3.08. The market found buyers again today around 2.99 for the third trading day in a row after having found demand at 3.00 in the previous session and at 3.00 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our engine recognized today, the statistics for the Price Action based condition "52 Week Low" stands out. While it is usually interpreted being bearish, it has actually shown to be bullish so far in the past for AMP Limited. Out of 70 times during the last ten years, AMP.AX closed higher 55.71% of the time on the next trading day.