APH closes within prior day's range after lackluster session
Amphenol Corporation (APH) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
APH finished the week 0.69% higher at 104.07 after losing $0.30 (-0.29%) today on low volume, slightly 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 (APH as at Feb 14, 2020):
Friday's trading range has been $1.07 (1.03%), that's below the last trading month's daily average range of $1.80. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for APH. Prices continued to consolidate within a tight trading range between 102.47 and 104.69 where it has been caught now for the whole last trading week.
Prices broke below the key technical support level at 104.36 (now R1), which is likely to act as resistance going forward. After having been unable to move above 104.64 in the prior session, Amphenol ran into sellers again around the same price level today, failing to move higher than 104.69. The last time this happened on Wednesday, APH actually gained 0.79% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 102.57 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Amphenol. Out of 636 times, APH closed higher 55.50% 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 62.26% with an average market move of 0.93%.