APH pushes through Wednesday's high
Amphenol Corporation (APH) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, APH finished Thursday at 79.17 gaining $4.25 (5.67%), underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 77.96, the stock confirmed its breakout through the previous session high after trading up to $2.14 above it intraday.
Daily Candlestick Chart (APH as at Mar 26, 2020):
Thursday's trading range has been $5.59 (7.46%), that's slightly below the last trading month's daily average range of $5.66. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for APH.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 18th, APH gained 0.51% on the following trading day.
Although the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Amphenol. Out of 600 times, APH closed higher 49.50% 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 60.83% with an average market move of 0.49%.