ANAT closes within prior day's range
American National Insurance Company (ANAT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ANAT finished the week 0.37% higher at 108.70 after losing $1.03 (-0.94%) today, significantly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ANAT as at Feb 14, 2020):
Friday's trading range has been $1.97 (1.8%), that's slightly below the last trading month's daily average range of $2.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ANAT.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
Prices broke below the key technical support level at 108.89 (now R1), which is likely to act as resistance going forward. The last time this happened on February 7th, ANAT lost -1.02% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 107.09 where further sell stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for American National. Out of 473 times, ANAT closed higher 58.99% 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 55.60% with an average market move of 0.33%.