APH closes higher for the 3rd day in a row
Amphenol Corporation (APH) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, APH ended Wednesday at 109.08 gaining $0.75 (0.69%), strongly outperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (APH as at Sep 16, 2020):
Wednesday's trading range has been $1.38 (1.25%), that's below the last trading month's daily average range of $2.26. 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 slightly higher than usual for APH.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on September 10th, APH lost -0.23% on the following trading day.
Prices are trading close to the key technical support level at 107.97 (S1). Prices are trading close to the key technical resistance level at 110.79 (R1).
Although the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
With prices trading close to this year's high at 113.25, upside momentum could accelerate should the market be able to break out to new highs for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Amphenol. Out of 503 times, APH closed higher 55.47% 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 61.23% with an average market move of 0.93%.