AMT dominated by bears dragging the market lower throughout the day

American Tower Corp A (AMT) Technical Analysis Report for Sep 14, 2018

Highlights

AMT tanks -1.03% closing $1.53 lower
AMT dominated by bears dragging the market lower throughout the day
AMT breaks below 20-day moving average
AMT finds support at 50-day moving average
AMT breaks below previous session low

TQ Sentiment

Report Sentiment: 57% Bearish
Technical Forecast:

Overview

AMT finished the week 0.44% higher at 147.19 after tanking $1.53 (-1.03%) today. This is the biggest single day loss in over a week. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 147.75, the market confirms its breakout through the prior session's low having traded $1.04 below it intraday.

Daily chart for AMT

Volatility

Friday's trading range was $1.93 (1.3%), that's above last trading month's daily average range of $1.54. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 146.54. After trading as low as 146.71 during the day, the share found support at the 50-day moving average at 146.82.

Trend

Although American Tower is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The stock broke below the 20-day moving average at 148.49 today for the first time since August 30th.

Order Flow

Selling could speed up should prices move below the close-by swing low at 146.44 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for American Tower Corp A

Condition Forecast Direction Win Rate Exit Day Events
Bearish Bounce off SMA 20 TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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