AMRX pushes through key technical resistance level


Amneal Pharmaceuticals Inc. Class A (AMRX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

AMRX pushes through key technical resistance level
AMRX fails to close above 200-day moving average
AMRX closes higher for the 3rd day in a row
AMRX pushes through Tuesday's high

Overview

Moving higher for the 3rd day in a row, AMRX ended Wednesday at 4.23 gaining $0.19 (4.7%) on high volume, strongly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 4.16, Amneal Pharmaceuticals confirmed its breakout through the prior session high after trading up to $0.23 above it intraday.

Daily Candlestick Chart (AMRX as at Sep 16, 2020):

Daily technical analysis candlestick chart for Amneal Pharmaceuticals Inc. Class A (AMRX) as at Sep 16, 2020

Wednesday's trading range has been $0.39 (9.56%), that's far above the last trading month's daily average range of $0.22. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMRX.

Buyers managed to take out the key technical resistance level at 4.10 (now S1), which is likely to act as support going forward. After spiking up to 4.39 during the day, the market found resistance at the 200-day moving average at 4.24. The last time this happened on August 24th, AMRX actually gained 0.75% on the following trading day.

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 200" stand out. Its common bearish interpretation has been confirmed for Amneal Pharmaceuticals. Out of 16 times, AMRX closed lower 62.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 62.50% with an average market move of -2.26%.


Market Conditions for AMRX as at Sep 16, 2020

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