APD closes lower for the 2nd day in a row


Air Products and Chemicals Inc. (APD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

APD closes below its opening price unable to hold early session gains
APD unable to break through key resistance level
APD closes lower for the 2nd day in a row
APD ends the day indecisive

Overview

Moving lower for the 2nd day in a row, APD ended the week 2.77% higher at 234.35 after losing $1.19 (-0.51%) today on low volume, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading $1.43 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

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

Daily technical analysis candlestick chart for Air Products and Chemicals Inc. (APD) as at May 22, 2020

Friday's trading range has been $2.72 (1.16%), that's far below the last trading month's daily average range of $5.11. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for APD.

One neutral candlestick pattern matches today's price action, the Doji.

Unable to break through the key technical resistance level at 234.82 (R1), the stock closed below it after spiking up to 235.89 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on May 12th, APD lost -1.92% on the following trading day.

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

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Air Products. Out of 300 times, APD closed higher 55.00% 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 62.67% with an average market move of 0.94%.


Market Conditions for APD as at May 22, 2020

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