AMTD breaks below Thursday's low
TD Ameritrade Holding Corporation (AMTD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AMTD finished the week 1.43% higher at 34.07 after edging lower $0.42 (-1.22%) today, notably underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 34.14, the share confirmed its breakout through the prior session low after trading up to $0.45 below it intraday.
Daily Candlestick Chart (AMTD as at May 22, 2020):
Friday's trading range has been $0.95 (2.74%), that's below the last trading month's daily average range of $1.26. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AMTD.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Black Candle showed up on Tuesday, AMTD actually gained 2.52% on the following trading day.
TD Ameritrade shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Further selling might move prices lower should the market test April's close-by low at 32.39.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for TD Ameritrade. Out of 105 times, AMTD closed higher 58.10% 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 54.29% with an average market move of 0.97%.