ANTM closes within previous day's range after lackluster session
Anthem Inc. (ANTM) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ANTM ended the week 7.72% higher at 297.82 after losing $1.05 (-0.35%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ANTM as at Feb 14, 2020):
Friday's trading range has been $5.40 (1.8%), that's below the last trading month's daily average range of $7.78. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ANTM.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Prices are trading close to the key technical support level at 293.68 (S1). After having been unable to move lower than 294.56 in the prior session, the market found buyers again around the same price level today at 295.46. The last time this happened on Tuesday, ANTM gained 5.75% on the following trading day.
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 309.10, upside momentum could speed up should the share be able to break out to new highs for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Anthem. Out of 226 times, ANTM closed higher 55.75% 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 57.96% with an average market move of 0.74%.