AMX runs into sellers again around 14.76
America Movil S.A.B. de C.V.n Depository Receipt Series L (AMX) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AMX finished the week -2.21% lower at 14.62 after losing $0.07 (-0.48%) today on high volume, underperforming the S&P 500 (0.46%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (AMX as at Jul 12, 2019):
Friday's trading range has been $0.26 (1.77%), that's slightly below the last trading month's daily average range of $0.32. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AMX. Prices continued to consolidate within a tight trading range between 14.41 and 14.83 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern. The last time a Last Engulfing Bottom Pattern showed up on March 4th, AMX actually lost -1.69% on the following trading day.
Prices are trading close to the key technical support level at 14.41 (S1). Prices are trading close to the key technical resistance level at 14.85 (R1). After having been unable to move above 14.74 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 14.76.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could accelerate should prices move below the close-by swing low at 14.41 where further sell stops might get activated. Further selling could move prices lower should the market test June's nearby low at 14.00.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Bottom Pattern" stand out. Its common bullish interpretation has been confirmed for America Movil. Out of 75 times, AMX closed higher 53.33% 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 61.33% with an average market move of 0.80%.