AMT climbs to highest close since April 28th
American Tower Corporation (AMT) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
AMT finished the week 5.6% higher at 242.43 after surging $14.27 (6.25%) today on high volume, significantly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on March 17th, AMT actually lost -4.57% on the following trading day. Today's close at 242.43 marks the highest recorded closing price since April 28th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 230.48, the stock confirmed its breakout through the previous session high after trading up to $12.12 above it intraday.
Daily Candlestick Chart (AMT as at May 22, 2020):
Friday's trading range has been $15.19 (6.65%), that's far above the last trading month's daily average range of $7.38. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMT.
One bullish candlestick pattern matches today's price action, the White Candle.
American Tower managed to close back above the 100-day moving average at 234.94. Prices are trading close to the key technical resistance level at 244.72 (R1). After having been unable to move lower than 227.12 in the prior session, the market found buyers again around the same price level today at 227.41.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 260.43, upside momentum might accelerate should the share be able to break out to new highs for the year. As prices are trading close to May's high at 243.55, upside momentum could speed up should AMT mark new highs for the month.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for American Tower. Out of 62 times, AMT closed higher 64.52% 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 59.68% with an average market move of 0.91%.