APH breaks back above 200-day moving average
Amphenol Corporation (APH) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, APH finished the month -0.78% lower at 95.81 after gaining $0.58 (0.61%) today, underperforming the S&P 500 (1.54%). Closing above Monday's high at 95.72, the share confirmed its breakout through the prior session high after trading up to $0.77 above it intraday.
Daily Candlestick Chart (APH as at Jun 30, 2020):
Tuesday's trading range has been $1.42 (1.49%), that's far below the last trading month's daily average range of $2.90. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for APH.
The stock managed to close back above the 200-day moving average at 95.58 for the first time since June 23rd. When this moving average was crossed above the last time on June 15th, APH gained 2.17% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
As prices are trading close to June's low at 91.81, downside momentum could accelerate should Amphenol mark new lows for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Amphenol. Out of 324 times, APH closed higher 54.94% 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 61.73% with an average market move of 0.66%.