ANTM closes higher for the 3rd day in a row
Anthem Inc. (ANTM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ANTM finished Thursday at 235.67 gaining $19.30 (8.92%) on low volume, strongly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 226.84, the market confirmed its breakout through the prior session high after trading up to $11.95 above it intraday.
Daily Candlestick Chart (ANTM as at Mar 26, 2020):
Thursday's trading range has been $23.79 (10.75%), that's slightly above the last trading month's daily average range of $21.64. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ANTM.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 215.00 earlier during the day, the stock bounced off the key technical support level at 216.27 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on March 20th, ANTM actually lost -8.83% on the following trading day. Prices are trading close to the key technical resistance level at 249.35 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Anthem. Out of 425 times, ANTM closed higher 55.29% 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 60.47% with an average market move of 0.70%.