APH rockets, gaining $2.15 (2.22%) within a single day
Amphenol Corporation (APH) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
APH finished the week 0.74% higher at 99.05 after surging $2.15 (2.22%) today, significantly outperforming the S&P 500 (0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on June 4th, APH gained 1.36% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 98.03, Amphenol confirmed its breakout through the previous session high after trading up to $1.04 above it intraday.
Daily Candlestick Chart (APH as at Jul 12, 2019):
Friday's trading range has been $1.58 (1.62%), that's above the last trading month's daily average range of $1.17. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for APH.
Two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical resistance level at 99.24 (R1).
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Trading close to May's high at 100.75 we could see further upside momentum if potential buy stops at the level get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Belt-hold" stand out. Its common bullish interpretation has been confirmed for Amphenol. Out of 14 times, APH closed higher 78.57% 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 78.57% with an average market move of 2.44%.