ANTM closes lower for the 3rd day in a row

Anthem Inc. (ANTM) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team


ANTM closes lower for the 3rd day in a row
ANTM closes within previous day's range after lackluster session


Moving lower for the 3rd day in a row, ANTM ended the week -0.35% lower at 277.11 after losing $1.57 (-0.56%) today on low volume, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (ANTM as at May 22, 2020):

Daily technical analysis candlestick chart for Anthem Inc. (ANTM) as at May 22, 2020

Friday's trading range has been $4.16 (1.49%), that's far below the last trading month's daily average range of $9.15. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for ANTM.

Regardless of a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle. The last time this candlestick pattern showed up on Wednesday, ANTM lost -0.47% on the following trading day.

Prices are trading close to the key technical resistance level at 278.82 (R1).

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying could speed up should prices move above the close-by swing high at 287.77 where further buy stops might get triggered.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Anthem. Out of 135 times, ANTM closed higher 56.30% 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 62.96% with an average market move of 1.16%.

Market Conditions for ANTM as at May 22, 2020

Loading Market Conditions for ANTM (Anthem Inc.)...
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